https://www.taxtmi.com/caselaws?id=7403 Interest on borrowed capital is deductible only when the borrowing is for the purpose of the same business against whose profits the claim is made; borrowings applied to share capital in another venture do not qualify merely because the assessee carries on multiple businesses. The principle of aggregation of income does not enlarge the scope of the specific business deduction. On the separate factual issue, the assessee was entitled to establish that the investment came from his own funds rather than borrowed money, and that unresolved source-of-funds question required fresh examination. en-us Wed, 11 Sep 1968 00:00:00 +0530 Thu, 19 Feb 2009 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7403 Interest on borrowed capital is deductible only when the borrowing is for the purpose of the same business against whose profits the claim is made; borrowings applied to share capital in another venture do not qualify merely because the assessee carries on multiple businesses. The principle of aggregation of income does not enlarge the scope of the specific business deduction. On the separate factual issue, the assessee was entitled to establish that the investment came from his own funds rather than borrowed money, and that unresolved source-of-funds question required fresh examination. Case-Laws Income Tax Wed, 11 Sep 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7403