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1997 (7) TMI 109 - KARNATAKA HIGH COURTExtract: .......id can be equated with or treated as interest paid on the borrowed capital. For the reasons stated as above, in our opinion, the contention raised on behalf of the company is devoid of any merit and needs to be rejected outright. The question referred to us is accordingly answered against the company/assessee and in favour of the Revenue. No costs.
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