Report No. 12
101. Deductions under interest on securities.-
Where and in so far as the total income of an assessee includes any interest on securities on which no income-tax is payable under section 87(i) or section 87(ii) [section 8 Provisos 2 and 31, the following amounts shall be deducted in computing his total income for the purposes of super-tax, namely:-
(i) any reasonable sum expended by the assessee for the purpose of realising interest on such securities;
(ii) any interest payable on money borrowed for the purpose of investment in such securities by the assessee.