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2006 (9) TMI 358 - AT - Income TaxExtract: .......unt of such borrowing was rightly held by the Assessing Officer to be not deductible under section 24(1)(vi) of the Act. The CIT (Appeals) rsquo s conclusion to the contrary is not correct. We, therefore, reverse the order of the CIT (Appeals) and restore the order of the Assessing Officer. 8. In the result, the appeals of the revenue, are allowed.
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