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2006 (11) TMI 131 - HC - Income TaxAssessee, engaged in project development activities & in course received & gave project finance - To claim deduction u/s 36(1)(iii) on account of interest expenditure, onus is on assessee to show that the funds borrowed were for business purposes & not utilized for making advances for non-business purposes – since assessee was relying on certain agreements, those would have to be examined to determine whether there is a nexus between the funds borrowed & interest free advances – matter remanded
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