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2009 (1) TMI 408 - HC - Income Tax
The assessee had borrowed funds on which the assessee paid total interest of Rs. 14,37,255 for which deduction was claimed under section 57(iii) of the Income-tax Act. – Amount borrowed must be utilized for business – utilization for acquiring capital asset – Held that interest is deductible - Held that the object of the loan is irrelevant, the interest which was disallowed to the extent of investment will have to be allowed as held by the Tribunal. – Revenue’s appeal is dismissed