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1998 (7) TMI 74 - HC - Income TaxExtract: ......., the borrowing, on which interest has been paid, was not for payment of any tax under this Act but for repayment of existing interest-free loans. In view of the above, the question referred to us is answered in the negative, i.e., against the assessee and in favour of the Revenue. The reference is disposed of accordingly with no order as to costs.
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