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1998 (8) TMI 59 - MADRAS HIGH COURT
Extract:
.......t had sold goods obtained from the sundry creditors and lent the amount realised from such sale to the relatives of the partners to whom monies had been advanced without interest. Our answer to the question referred to us, therefore, is in the affirmative, in favour of the Revenue and against the assessee. Parties shall bear their respective costs.