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1994 (3) TMI 65 - HC - Income TaxExtract: .......eduction of the interest payment under the provisions of section 57(iii) of the Income-tax Act, 1961, since that expenditure has been laid out or expended wholly and exclusively for the purpose of making or earning income. In the premises, the question is answered in the affirmative and in favour of the assessee. There will be no order as to costs.
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