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1990 (7) TMI 161 - ITAT COCHINExtract: .......he transaction itself and the principle of mutual dealings can certainly be invoked. For all these reasons, we uphold the contention of the assessee. 10. For the reasons stated above, we hold that the assessee is entitled to set off the interest paid on his borrowings against interest received on fixed deposits. In the result, the appeal is allowed
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