Interest paid on borrowed funds for investment in shares hit by Section 14A of Income Tax Act if dividend received on shares not part of total income: Bombay HC
In a recent ruling the Bombay High Court held that the interest paid on borrowed funds for investment in shares hit by Section 14A of the Income Tax Act, 1961 if the dividend received on shares not part of total income. Assessee, i.e., appellant, is a Chartered Accountant by qualification and decided to switch profession…
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