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2007 (2) TMI 164 - MADRAS HIGH COURTTribunal hold that interest on the borrowed money utilised for the investment in shares cannot be set off against dividend income u/s 80M - held , allowing the revenue’s appeal that where the main business of the assessee wasn’t of dealing in shares but have business of drums, the assesses would be entitled to deduction of interest proportionate to the capital investment on shares on the dividend earned to earn the relief u/s 80-M – newtr dividend alone can be taken into consideration u/s 80M
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