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1983 (1) TMI 51 - HC - Income TaxExtract: .......f s. 40(b) of the I.T. Act, 1961. Accordingly, in our view, the Tribunal was right in holding that the provisions of s. 40(b) were not applicable to the interest paid to Vasantkumar Hiralal in his individual capacity. Therefore, the question referred is answered in the affirmative and against the Revenue. Revenue to pay the costs of this reference.
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