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1997 (2) TMI 55 - MADRAS HIGH COURTExtract: ....... deduction cannot be made. In view of the foregoing reasons, we consider that there is no infirmity in the order passed by the Tribunal in refusing to allow deduction of the alleged tax payable on interest on long-term borrowals. In that view of the matter, we answer the question referred to us in the affirmative and against the assessee. No costs.
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