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2006 (12) TMI 259 - AT - Income TaxExtract: .......of interest paid and received also did not arise because the interest has been earned on deployment of surplus funds and not the borrowed funds. Accordingly, ground Nos. 1 and 2 are also rejected. 14. Ground No. 4 is also rejected because interest under section 234C is mandatory. 15. In the result, the appeal filed by the assessee stands dismissed.
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