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2006 (12) TMI 125 - PUNJAB AND HARYANA HIGH COURTExpenditure on tools and modification of machines are revenue in nature – expenses on gift articles to be distributed to dealers, generated goodwill so they are deductible – interest on borrowed capital which was used for making interest free advance to managing director are also deductible – loss could not be ignored while working out special deduction u/s 80HHC - held that ST and CST etc. should be excluded from total turnover while computation of incentives u/s 80HHC
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