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1975 (11) TMI 11 - HC - Income TaxExtract: .......ible as an expense. Our answer to the question referred, therefore, shall be On the facts and in the circumstances of the case, the interest on moneys borrowed for purchase of shares should be allowed as a deduction even though the shares had not yielded any dividend in the relevant accounting years. We make no order as to costs. PANDA J.--I agree.
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