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2008 (11) TMI 71 - HC - Income TaxInterest on capital borrowed - proviso to Section 36(1)(iii) was introduced w.e.f. 1.4.04 - proviso is prospective and it is not applicable to the A.Y. 2001-02 – AO was not right in disallowing the claim for deduction - Whether Tribunal was justified to allow interest @ 18% to close relatives covered under S. 40A(2)(b) - Tribunal finding that the interest paid was not higher than rate of interest paid to other creditors, is finding of fact - no question of law arise – disallowance not justified
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