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1994 (2) TMI 34 - GUJARAT HIGH COURTExtract: .......t the trust was entitled to the deduction of interest paid to the beneficiaries on the income from the trust which was kept by the beneficiaries as loan. Question No. 3 referred to us is, therefore, answered in the affirmative, in favour of the assessee and against the Revenue. The reference stands disposed of accordingly with no order as to costs.
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