Smt. Satish Bala Malhotra Vs. Commissioner of Income-tax, Jalandhar [2016] 75 42 (Punjab & Haryana)

Section 57 of the Income-tax Act, 1961 - Income from other sources - Deductions (Interest expenditure) - Assessment year 1997-98 - Assessee was a member of HUF - She took loan from HUF and purchased 28 per cent of shares of company in which 72 per cent shares were already held by family HUF and members - Whether in instant case motive could not be gaining control of company but earning income by way of dividend - Held, yes - Whether interest on money borrowed for investment in shares of company, though shares yielded no dividend, was an allowable deduction - Held, yes [Paras 28 and 34][In favour of assessee]