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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Interest expenditure has been expended to earn interest income. ...

Income Tax

June 16, 2016

Interest expenditure has been expended to earn interest income. Sec. 56 does not postulate any condition about the rate of charging interest. The appellant explained the reasons and circumstances as to how the lesser interest was charged on old loans - Claim of interest expenditure allowed - AT

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