Payment of interest in addition to price is nothing but an integral process of acquisition of shares

The brief facts of the case are that assessee is an individual. He has filed his return of income on 18.12.2006 declaring an income of Rs.155,27,356. The case of the assessee was selected for scrutiny assessment and a notice under section 143(2) of the Income-tax Act, 1961 was issued and served upon the assessee. In response to the notice, Shri Myank Goel, FCA appeared before the Assessing Officer and furnished the requisite details from time to time. Assessing Officer has observed that according to AIR Information, assessee has received a sum of Rs.41,73,321 on account of interest other than ...