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1982 (8) TMI 10 - HC - Income Tax
Extract:
.......on on the question whether interest paid on money borrowed for payment of income-tax is business expenditure. Accordingly, we answer the second question in the negative and in favour of the assessee. Inasmuch as both the Revenue and the assessee have succeeded partly in this reference, each party will pay and bear its own costs. BANERJI J.-I agree.