https://www.taxtmi.com/caselaws?id=277197 Income from securities must be assessed under its specific statutory head and cannot be reclassified as business income merely because the securities are held in the course of business. On that basis, brought-forward business loss could not be set off against interest on securities. The article also states that Section 8 permits only actual commission deducted by a banker in realising interest, so administrative expenses were not deductible. Interest on borrowings used to acquire tax-free securities was likewise not deductible, because the proviso extends only to borrowings for taxable securities. The reference was answered wholly against the assessee. 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 Income from securities must be assessed under its specific statutory head and cannot be reclassified as business income merely because the securities are held in the course of business. On that basis, brought-forward business loss could not be set off against interest on securities. The article also states that Section 8 permits only actual commission deducted by a banker in realising interest, so administrative expenses were not deductible. Interest on borrowings used to acquire tax-free securities was likewise not deductible, because the proviso extends only to borrowings for taxable securities. The reference was answered wholly against the assessee. Case-Laws Income Tax Mon, 18 May 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277197