https://www.taxtmi.com/caselaws?id=183319 Interest on borrowings used to invest in tax-free securities was held not deductible under Section 8 of the Income-tax Act, 1922, because the deduction for borrowed funds was confined to taxable securities and could not be paired with exemption on the securities themselves. Where a co-operative bank mixed capital and deposits in a common investment fund, and the books did not show any specific attribution, the Tribunal's proportional allocation between capital and deposits was accepted as the appropriate method. The assessee received no relief on either issue, and costs were awarded against it. en-us Fri, 25 Mar 1949 00:00:00 +0530 Tue, 01 Oct 2019 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183319 Interest on borrowings used to invest in tax-free securities was held not deductible under Section 8 of the Income-tax Act, 1922, because the deduction for borrowed funds was confined to taxable securities and could not be paired with exemption on the securities themselves. Where a co-operative bank mixed capital and deposits in a common investment fund, and the books did not show any specific attribution, the Tribunal's proportional allocation between capital and deposits was accepted as the appropriate method. The assessee received no relief on either issue, and costs were awarded against it. Case-Laws Income Tax Fri, 25 Mar 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183319