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2001 (8) TMI 273 - AT - Income TaxExtract: ....... to M/s Peerless General Finance and Investment Co. Ltd. have to be allowed as a deduction under s. 36(1)(iii) of the IT Act, 1961. 13. Therefore, we reverse the decisions of both the lower authorities and direct the AO to allow the interest of Rs. 7,20,000 under s. 36(1)(iii). 14. In the result, the appeal filed by the assessee-company is allowed.
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