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1945 (12) TMI 3 - HC - Income TaxExtract: .......der proviso 1 to Section 8 the whole of the interest on such part of the borrowed capital as was expended on the purchase of these securities should have been, deducted; and (3) that under proviso 2 the whole of the interest on the tax-free securities should have been excluded in addition to the deduction in respect of interest on borrowed capital.
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