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2012 (5) TMI 690 - AT - Income TaxDisallowance of interest under section 36(1)(iii) - Held that:- Assessee during the year had own funds of ₹ 4.40 crores and interest from the borrowings ₹ 8.13 crores, in addition to current year profit of ₹ 75.00 lacs. In our view the payment of ₹ 27.91 lacs during the year is easily explained from own funds. Even the current year profit can easily explain source of such payment. We, therefore, see no reason of making addition. We therefore set aside the order of CIT(A) and delete the addition made.
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