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2003 (2) TMI 422 - AT - Income TaxExtract: .......he orders of the Tribunal cited on behalf of the assessee, it has been held that interest on debentures cannot be considered as interest on loans and advances and, therefore, no Interest Tax is chargeable. Respectfully following the judgments and the orders, we delete the debenture interest of Rs. 24,26,974 from the assessment and allow the appeal.
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