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1998 (9) TMI 28 - HC - Income TaxExtract: ....... monies borrowed for the purpose of erecting another plant to carry on the assessee s business in a more efficient manner would constitute a deductible item of expenditure for the purpose of section 37 of the Act. We, therefore, answer the question referred to us in favour of the assessee and against the Revenue. There will be no order as to costs.
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