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2012 (7) TMI 326 - ITAT DELHIAddition - expenditure incurred on interest paid to specified persons – alleged that assessee has diverted interest bearing loans in interest free advances/loans – Held that:- Where the assessee possessed sufficient interest free funds of its own then a presumption stands that the investment in sister concern were made by the assessee out of interest free funds and therefore no part of interest on borrowing can be disallowed on the ground that investments were made out of interest bearing funds - appeal filed by the revenue is dismissed
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