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2009 (6) TMI 3 - HC - Income TaxDeduction u/s 37 – interest paid on discounting of the bills – tribunal held that the interest paid of Rs.1,66,959/- for discounting the bills with the banks during the course of the business activities was not allowable in computing the business income under Section 37 of Income-Tax Act, 1961 – HC held that in interest paid for discounting of bills are allowable expenditure under section 37.
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