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1983 (11) TMI 3 - HC - Income TaxExtract: .......ee from his credit balances in the other firms, those firms would have collapsed. We, therefore, find no merit in the assessee s contention and the claim for deduction of the interest was rightly rejected by the Income-tax Officer as well as by the Tribunal. In the result, we answer the question referred in the affirmative and against the assessee.
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