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2007 (5) TMI 230 - PUNJAB AND HARYANA HIGH COURTBusiness expenditure - Assessee is claiming deduction of the amount refunded which they earlier received as interest on loan – interest received on loan assessed in prior years – since books of account of the assessee were open when the decision to refund the amount was taken and therefore the assessee has been rightly held entitled to make adjustment entries in the books of account and make the claim accordingly - question referred is answered against the revenue
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