https://www.taxtmi.com/caselaws?id=286884 Interest on debentures was held not deductible from interest earned under the head "Interest on Securities" because the borrowing was for the company's business, not for the purpose of investing in securities. The condition imposed by the Controller of Capital Issues, requiring the raised funds to be invested in Government securities, did not change the real character of the borrowing. A new ground based on the memorandum of association was also not permitted to be introduced at the reference stage. The referred question was answered in the negative. en-us Thu, 11 Jun 1953 00:00:00 +0530 Thu, 19 Mar 2020 14:27:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286884 Interest on debentures was held not deductible from interest earned under the head "Interest on Securities" because the borrowing was for the company's business, not for the purpose of investing in securities. The condition imposed by the Controller of Capital Issues, requiring the raised funds to be invested in Government securities, did not change the real character of the borrowing. A new ground based on the memorandum of association was also not permitted to be introduced at the reference stage. The referred question was answered in the negative. Case-Laws Income Tax Thu, 11 Jun 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286884