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1979 (12) TMI 102 - AT - Income TaxExtract: .......urpose of business, the fact that a partner had borrowed monies from the current earning of the firm for his private needs would not disentitle the assessee to the claim for interest on the borrowed funds, following the Bombay High Court s decision in the case of Bombay Samachar Limited (1). The appeal will, therefore, be treated as partly allowed.
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