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2006 (11) TMI 183 - HC - Income TaxAssessee, is a Statutory Corporation receives grants and loans from Government of India – assessee advances grants, loans and subsidies to cooperative societies through State Governments/Apex Cooperative Banks – the same could not be claimed to be expenditure, hence disbursements made out of its interest income as loans could not be treated as revenue expenditure – therefore not deductible - questions raised is answered in favour of the Revenue and against the Assessee
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