https://www.taxtmi.com/caselaws?id=277197 Interest on securities falls exclusively under the head governed by Section 8 and must be computed and charged under that head; consequently a carried forward business loss cannot be set off against such interest, the contention rejected. The first proviso permits deduction only of commission actually deducted by a banker; administrative expenses or imputed commission claimed by an assessee collecting interest are not deductible. Interest on borrowings used to acquire tax free securities is not deductible under the first proviso because no chargeable income from the securities exists to support the deduction. en-us Mon, 18 May 1953 00:00:00 +0530 Wed, 28 Nov 2018 15:54:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277197 Interest on securities falls exclusively under the head governed by Section 8 and must be computed and charged under that head; consequently a carried forward business loss cannot be set off against such interest, the contention rejected. The first proviso permits deduction only of commission actually deducted by a banker; administrative expenses or imputed commission claimed by an assessee collecting interest are not deductible. Interest on borrowings used to acquire tax free securities is not deductible under the first proviso because no chargeable income from the securities exists to support the deduction. Case-Laws Income Tax Mon, 18 May 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277197