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2008 (7) TMI 591 - PUNJAB AND HARYANA HIGH COURTInterest on borrowed capital - assessee borrowed at 16 per cent. Interest and investing the same in purchase of preference shares at 4 per cent of the company where it had equity shares - Revenue has also not brought on record any evidence to show that the interest paid by the assessee on the aforesaid borrowed amount was highly exorbitant and no such rate of interest was ever prevalent in the market – No interest disallowed
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