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1988 (9) TMI 365 - AT - Income TaxExtract: .......ayable to the said bank and was, therefore, an expenditure deductible in determining the assessee's income for the year under consideration. Therefore, allowing the assessee's appeal we direct that a deduction be allowed to the assessee in respect of ₹ 22,15,707 as expenditure on account of interest payable to the Union Bank of India.
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