The judgment of the trial court in this suit for refund of excess *691 profit taxes is affirmed. It is clear that the investment certificates issued by the taxpayer, a small loan company, to its borrowers, did not, when issued, nor did the payments made thereon, when made by the borrowers, represent “borrowed capital” as contemplated by the statute. With respect to the investment certificates issued to others than borrowers by the taxpayer, there was a lack of proof by the taxpayer of the need for the proceeds from such investment certificates “for the purposes of the business,” a necessary ingredient under Section 439 of the Internal Revenue Code of 1939.

Affirmed.