https://www.taxtmi.com/caselaws?id=276974 A statutory exemption for interest on tax-free securities could not be combined with a further deduction for interest paid on borrowed money used to acquire those securities under the Indian Income-tax Act, 1922; the provisions operated in separate fields and did not permit a double benefit. The assessee therefore failed on the first issue. Interest on debentures purchased in the open market was also treated as income from an investment, not as a transaction in the ordinary course of business, because the surrounding circumstances and the absence of the required sanction showed an investment character. The second issue was likewise decided against the assessee. en-us Mon, 28 Sep 1942 00:00:00 +0630 Wed, 21 Nov 2018 14:32:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276974 A statutory exemption for interest on tax-free securities could not be combined with a further deduction for interest paid on borrowed money used to acquire those securities under the Indian Income-tax Act, 1922; the provisions operated in separate fields and did not permit a double benefit. The assessee therefore failed on the first issue. Interest on debentures purchased in the open market was also treated as income from an investment, not as a transaction in the ordinary course of business, because the surrounding circumstances and the absence of the required sanction showed an investment character. The second issue was likewise decided against the assessee. Case-Laws Income Tax Mon, 28 Sep 1942 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=276974