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1993 (12) TMI 98 - AT - Income TaxExtract: ....... facts and circumstances of the case is to be viewed as an expenditure under s. 37 of the IT Act, especially when the sale proceeds of the scrap materials from the demolished structures have been treated as business income. For all these reasons, we uphold the claim of the assessee for deduction of interest. 4. In the result, the appeal is allowed.
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