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2010 (1) TMI 1296 - AT - Income TaxExtract: .......CIT(Appeals). 7. As regards, interest payable on the share application, since the amount was not borrowed for the purpose of business but only by way of raising share capital, interest payable thereon is not allowable. 8. In the result, the appeal and the cross objection are dismissed. Order signed, dated and pronounced in the Court on 12 /02 /2010
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