1951 (5) TMI 1 - SC - Income Tax

Whether in the circumstances of this case, the interest paid by the assessee on debentures was incurred solely for the purpose of making or earning such incomes, profits or gains which are assessable under sub-section (1) of Section 12?

Held that:- The High Court has failed to appreciate the true position and the question submitted for its opinion should be answered in the affirmative. The appeal is therefore allowed