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1978 (7) TMI 7 - ALLAHABAD HIGH COURT
Extract:
.......l should have disallowed the deduction claimed by the assessee on the borrowings which had been diverted by Ram Deo Marolia for his personal use. For the reasons given above, we answer both the questions in the affirmative, in favour of the department and against the assessee. The department will be entitled to costs, which are assessed at Rs. 200.