https://www.taxtmi.com/caselaws?id=17497 Interest attributable to the broken period on purchase of securities by a bank was held not to be deductible as expenditure. The Court treated the accounting bifurcation of the purchase price into security cost and accrued interest as a mere book entry that did not alter the true tax character of the amount. The interest element remained income in the hands of the assessee and could not be converted into an outgoing simply because it was separately recorded. The Tribunal was therefore wrong in directing deduction of the broken period interest in computing income from securities. en-us Thu, 31 Oct 1996 00:00:00 +0530 Tue, 22 Sep 2009 17:05:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17497 Interest attributable to the broken period on purchase of securities by a bank was held not to be deductible as expenditure. The Court treated the accounting bifurcation of the purchase price into security cost and accrued interest as a mere book entry that did not alter the true tax character of the amount. The interest element remained income in the hands of the assessee and could not be converted into an outgoing simply because it was separately recorded. The Tribunal was therefore wrong in directing deduction of the broken period interest in computing income from securities. Case-Laws Income Tax Thu, 31 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17497