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1971 (12) TMI 41 - HC - Income TaxExtract: .......erefore, find that the Income-tax Officer was right in adding the interest on these items to the income of the firm, as the deductions claimed are not allowable under section 40(b) of the Income-tax Act, 1961. In the result, the reference is answered in favour of the department. The assessee will pay costs to the department. Advocate s fee Rs. 250.
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