Report No. 12

19. Deductions.-

Subject to the provisions of section 21 [section regarding amounts not deductible], the income chargeable under the head "Interest on securities" shall be computed after making the following deductions-

(i) any reasonable sum expended by the assessee for the purpose of realising such interest;

(ii) any interest payable on moneys borrowed for the purpose of investment in the securities by the assessee.

[Section 8, 1st proviso, earlier part]