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1998 (11) TMI 153 - ITAT HYDERABAD-BExtract: .......erest on funded interest is an expenditure wholly and exclusively incurred for the purposes of business. Hence, it cannot be disallowed. Accordingly, the order of the first appellate authority on this issue is set aside and the AO is directed to allow the interest on funded interest claimed by the appellant. 7. In the result, the appeal is allowed.
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