Borrowed Money - Definition - Law Dictionary Home Dictionary Definition borrowed-money

Definition :

Borrowed money, term 'borrowed money' must be construed in its natural and ordinary meaning and implies a real borrowing and a real lending, K.M.S. Lakshmanier v. CIT, AIR 1953 SC 145 (147): 1953 SCR 1057: (1953) 23 ITR 202. [Excess Profits Tax Act, 1940 Sch II R. 2A]