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1996 (1) TMI 40 - MADRAS HIGH COURT
Extract:
.......tiles P. Ltd. 1985 151 ITR 653, wherein this court held that the interest paid by the company on the borrowed funds which were utilised for non-business purposes cannot be allowed under section 36(1)(iii) of the Act. In view of the above-cited decision, we answer the question referred to us in the negative and in favour of the Department. No costs.