https://www.taxtmi.com/caselaws?id=5316 Price paid for income-bearing securities, including the element attributable to accrued interest up to purchase, was treated as capital outlay and not deductible against interest income under the Income-tax Act, 1961. A deduction could be claimed only for reasonable expenditure incurred to realise the interest, but no such expenditure was established on the facts. The interest received on the securities was therefore taxable as income, and the claimed set-off was rejected as not allowable as deductible expenditure. en-us Wed, 19 Sep 1990 00:00:00 +0530 Wed, 25 Feb 2026 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5316 Price paid for income-bearing securities, including the element attributable to accrued interest up to purchase, was treated as capital outlay and not deductible against interest income under the Income-tax Act, 1961. A deduction could be claimed only for reasonable expenditure incurred to realise the interest, but no such expenditure was established on the facts. The interest received on the securities was therefore taxable as income, and the claimed set-off was rejected as not allowable as deductible expenditure. Case-Laws Income Tax Wed, 19 Sep 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5316