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2012 (9) TMI 940 - AT - Income TaxExtract: ....... we are of the view that the interest income which is part of the Profit and loss which has been taxed as business income, need to be reduced for calculating the remuneration payable to partners u/s. 40(b). We accordingly delete the addition made by the A.O. and allow the appeal of the assessee. 12. In the result, appeal of the assessee is allowed.
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