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2006 (9) TMI 168 - PUNJAB AND HARYANA HIGH COURTWhether ITAT was right in concluding that the debt raised from the bank for the purchase of plant and machinery, which remained unpaid during the accounting period, was not deductible u/s 32AB – Held, Yes – Sec. 32AB is for deduction out of income generated during the year – deduction will not available unless income during the year is utilised for the purpose - Investment made out of borrowed funds will not be utilisation of income during the year so it doesn’t qualify for deduction u/s 32AB
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