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2009 (7) TMI 45 - DELHI HIGH COURTDisallowance of Interest – Diversion of funds to subsidiary company – held that that no portion of the interest paid by the assessee on its borrowed funds can be disallowed on the ground that a portion thereof has been diverted to subsidiary company and that that the Assessing Officer was not justified in disallowing the assessee company in debiting the interest paid to the bank as a revenue expenditure merely because it had given further loan of Rs.40,00,000/- to its subsidiary company
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