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2008 (7) TMI 20 - HC - Income TaxArrangement made between assessee & certain mutual funds with regard to subscription of fully convertible debentures, offered as a rights issue by the assessee’s sister concern - mutual funds were assured fixed rates of returns & assessee was able to obtain the fully convertible debentures of sale debentures only to make profits – so these can’t be treated as non business transaction - service charges were allowable expenses u/s 37 as they were wholly and exclusively expended for the business
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