business or profession. E.—Capital gains. F.—Income from other sources.” Civil Appeal No.3291­3294 of 2009, etc. Page 13 of 45Clause B was of “interest on securities”. It was deleted with effect from 1st April 1989 along with Sections 18 to 21, which dealt with interest on securities. Head ‘D’ is of income from “profits and gains of business or profession” covered by Section 28 of the IT Act. Profits and gains from any business or profession that the assessee carried out at any time during the previous year are chargeable to income tax. Under Section 36(1)(iii), the assessee is entitled to a deduction of the amount of interest paid in respect of capital borrowed for the purposes of the business or profession. Section 37 provides that any expenditure which is not covered by Sections 30 to 36 and not being in the nature of capital expenditure, laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed for computing the income chargeable