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1993 (11) TMI 92 - AT - Income TaxExtract: ....... other words, we can say that the interest payable has to be treated as a valid deduction. The assessee has brought the interest income to the development expenditure account and has also carried payable interest to that account. Therefore, all the three grounds are decided in favour of the assessee. 16. In the result, the appeal is partly allowed.
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