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1977 (8) TMI 21 - HC - Income TaxExtract: ....... thereof what was described as payment of interest was in fact capital expenditure which was not allowable as a business expenditure. In the result, our answers to the questions referred are as under Question No. 1 in the negative. Question No. 2 in the affirmative. Question No. 3 in the affirmative. The assessee shall pay the costs of the revenue.
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