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]
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