TMI Blog1990 (9) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... ounts claimed by the assessee as deduction are not shown to have been expended for the purpose of realising the interest and are, therefore, not allowable as deductible expenditure. - C.A. 1498 OF 1976 - - - Dated:- 19-9-1990 - S. C. AGARWAL. and DR. T. KOCHU THOMMEN. JUDGMENT This appeal arises from the judgment of the Karnataka High Court in Income-tax Referred Case No. 33 of 1973. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax by the Income-tax Officer under section 18 of the Income-tax Act, 1961. The assessee's claim that these amounts were deductible under sections 19, 20 and 37 was rejected by the officer. The order of assessment was confirmed by the Appellate Assistant Commissioner. However, on further appeal, the Income-tax Appellate Tribunal held that the interest earned from the securities was deductible under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nst income accruing from the asset in question." In the instant case, the assessee purchased securities. It is contended that the price paid for the securities was determined with reference to their actual value as well as the interest which had accrued on them till the date of purchase. But the fact is, whatever was the consideration which prompted the assessee to purchase the securities, the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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