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1986 (11) TMI 3 - HC - Income TaxExtract: .......g the test of a prudent person managing his affairs, can it be said that the interest earned on the contributions made by the shareholders can be set off against the interest payable by the assessee. For the above reasons, we answer the question referred to us in the affirmative, that is, in favour of the Revenue and against the assessee. No costs.
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