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2006 (8) TMI 174 - HC - Income TaxAO, CIT & ITAT were right in holding that expenditure towards execution of debenture issue was in the nature of preliminary expenses & thereby covered by section 35D and not by section 37, hence not deductible as revenue expenses – borrowed money used for purchase of securities will be treated as used for purpose of business, hence interest on that money is allowable as business expenditure – while calculating special deduction u/s 80M, interest on borrowed capital should be taken into account
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