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2007 (3) TMI 200 - HC - Income TaxAssessee, Pvt. Co. earned rental income from property which is purchased by assessee with advances received by trust – assessee claim that impugned rental income will be treated as income of trust because it has been diverted to trust by overriding title – having regard to the return on investment made, assessee is allowed to claim for deduction of “interest on advances” from “rental income” u/s 24(1)(iv) – matter remanded for consideration of amount payable by assessee in accordance with law
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