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2011 (4) TMI 386 - PUNJAB AND HARYANA HIGH COURTDisallowance u/s 36(1)(iii) - interest on term loan - the increased capacity amounts to expansion of business, and is not extension of business envisaged in the proviso to section 36(1)(iii) - In the entirety of facts and circumstances and in view of the machinery not being put to use, the interest expenditure on the utilisation of borrowed funds for the acquisition of new assets, from the date of its acquisition till the date when machinery is put to use, is disallowable - Decided against the assessee
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