https://www.taxtmi.com/caselaws?id=178233 Interest paid on money debited from a banking account and applied as share capital in a firm was deductible, because the amount was treated in substance as capital borrowed for investment in business. The presence of other funds in the account did not alter the borrowing character of the amount actually debited and used. Audit fees and stationery expenses incurred for preparing or maintaining the assessee's personal accounts were not deductible against share income, as they were not shown to arise from the income-producing activity and were not otherwise authorised by the statute. en-us Sun, 17 Nov 1963 00:00:00 +0530 Sat, 30 Jan 2016 16:51:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178233 Interest paid on money debited from a banking account and applied as share capital in a firm was deductible, because the amount was treated in substance as capital borrowed for investment in business. The presence of other funds in the account did not alter the borrowing character of the amount actually debited and used. Audit fees and stationery expenses incurred for preparing or maintaining the assessee's personal accounts were not deductible against share income, as they were not shown to arise from the income-producing activity and were not otherwise authorised by the statute. Case-Laws Income Tax Sun, 17 Nov 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178233