https://www.taxtmi.com/caselaws?id=38199 The Court ruled in favor of the department, rejecting the co-operative society's claim for deduction under section 19(ii) of the Income-tax Act. It held that the investment of provident fund amounts in Government securities did not constitute "borrowed money," emphasizing the necessity of a genuine borrowing relationship for the term to apply. The Court's decision highlighted the importance of interpreting legal terms in their commercial context and upholding fundamental principles of borrowing for the relevant provisions of the Act. en-us Tue, 14 Mar 1978 00:00:00 +0530 Sat, 03 Apr 2010 17:15:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38199 The Court ruled in favor of the department, rejecting the co-operative society's claim for deduction under section 19(ii) of the Income-tax Act. It held that the investment of provident fund amounts in Government securities did not constitute "borrowed money," emphasizing the necessity of a genuine borrowing relationship for the term to apply. The Court's decision highlighted the importance of interpreting legal terms in their commercial context and upholding fundamental principles of borrowing for the relevant provisions of the Act. Case-Laws Income Tax Tue, 14 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38199