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2005 (10) TMI 205 - ITAT AHMEDABAD-CExtract: .......erest paid, which has a nexus with the interest received, that can be reduced and not 90 per cent of the gross interest. We, therefore, respectfully following the same hold that only net interest income is to be disallowed and not the gross amount of interest received by the assessee. 14. In the result, the revenue s appeal is deemed to be allowed.
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