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2017 (6) TMI 979 - AT - Income TaxDisallowance of interest on restricting the interest expense to the extent of interest income - Held that:- We find that the Tribunal has decided this issue by considering the various judgments including the decision of Hon’ble Apex Court in the case of CIT vs. Rajendra Prasad Modi [1978 (10) TMI 133 - SUPREME Court] whereby has verified and worked out the capital expenditure of the assessee and calculated interest bearing funds and non-interest bearing fund. We, respectfully following the same, are of the view that the assessee is entitled for part relief.
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