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2015 (2) TMI 55 - AT - Income TaxDiscount on assigned liabilities disallowed - Held that:- The difference between amount received by the assessee and total amount payable at a future date represents the cost of borrowings which is deductible expenditure over a period for which the amount received initially has been used, thus we do not find any merit in the order of the lower authorities for disallowing discount on ascertained liability u/s.37(1) of the I.T. Act. - Decided in favour of assessee.
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