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2008 (11) TMI 72 - MADRAS HIGH COURTAssessee who advances loan, levies penal interest in case of default – assessee’s claim for bad debts on ground that it had waived the penal interest and interest received was subsequently written off - there is no any evidence with regard to the write off or with regard to waiver of penal interest – matter is remitted to AO to ascertain whether the assessee refunded the penal interest to the debtors and if so, relief shall be granted in the year in which such amounts were refunded.
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