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2005 (9) TMI 57 - HC - Income TaxExpenditure u/s 37 - claim made by the assessee that shares had been purchased by M/s. Deepak Choudhary, HUF and Shri P.S. Kalra, HUF on behalf of the assessee - circumstantial evidence sufficiently showed that such purchases were made and that since the assessee could not make the payment due to shortage of funds, the assessee was compelled to pay interest till the date of the delivery of the shares was taken by him. - purchase of shares by M/s. Deepak Choudhary and M/s. P.S. Kalra, Hindu undivided family was for and on behalf of the assessee and that the assessee had paid interest to the said purchasers who were working as sharebrokers, the Commissioner as also the Tribunal were justified in directing the allowance of the amount paid as an allowable expenditure. No substantial question of law arises for consideration in this appeal which fails and is hereby dismissed.
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