https://www.taxtmi.com/caselaws?id=286885 Specific statutory exemptions for War Loan interest, India Government stock interest, and comparable foreign or colonial company securities could not be overridden by reclassifying the receipts as trading profits under Schedule D. The court treated the exemptions as applying to the income itself, and held that the incorporated Schedule C exemption also extended through the Schedule D machinery where the rules so provided. It further held that, although exempt interest was excluded from assessable income, related business expenses remained deductible in computing trading profits because the statute contained no express apportionment or disallowance rule. en-us Thu, 10 Dec 1936 00:00:00 +0530 Thu, 19 Mar 2020 14:31:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286885 Specific statutory exemptions for War Loan interest, India Government stock interest, and comparable foreign or colonial company securities could not be overridden by reclassifying the receipts as trading profits under Schedule D. The court treated the exemptions as applying to the income itself, and held that the incorporated Schedule C exemption also extended through the Schedule D machinery where the rules so provided. It further held that, although exempt interest was excluded from assessable income, related business expenses remained deductible in computing trading profits because the statute contained no express apportionment or disallowance rule. Case-Laws Income Tax Thu, 10 Dec 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286885