Rs.473,42,603 00 (v) Interest paid on debentures, depo sits and other accounts Rs. 15,09,490 00 (vi) Total overhead expenses and es tablishment overhead charges Rs. 3,01,102 00 32 In a proceeding for assessment of the total income of the Society to tax for the year 1956 57 it was claimed that under section 14 (3) of the Indian Income tax Act, 1922 (as added by section 10 of the Finance Act, 1955, with effect from April 1, 1955) the income of the Society from business was exempt from payment of tax, and that in accordance with the instructions issued under section 60 of the Act, out of the gross income from securities amounting to Rs. 4,30,053/ , Rs. 4,16,475/ being income attributable to the assets utilized in the business, only the balance of Rs. 13,578/was chargeable to tax.