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1946 (11) TMI 8 - HC - Income TaxExtract: .......hands of the assessee as executor. The testator having authorised his executors to "keep in Messrs. Ramsay & Co., the moneys belonging to my estate," the amount credited to the estate in the books of the company must be regarded as borrowed capital and the whole of the interest debited must be allowed as interest paid on such capital.
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