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1980 (8) TMI 128 - AT - Income TaxExtract: .......n to the Director is in escapable. It follows that the expenditure incurred by the company for borrowing the funds resulted in a benefit to the Director without any corresponding benefit to the assessee. Clearly s. 40(c)(i) was attracted and we agree with the CIT (A) that the addition is sustainable. 12. In the result, the appeal is partly allowed.
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