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1979 (12) TMI 102 - AT - Income Tax

The ITAT Nagpur found that interest on borrowed funds can be allowed if the funds were used for business purposes, following the Bombay High Court's decision in Bombay Samachar Limited. The case was sent back to the ITO for further scrutiny. The appeal was partly allowed. (Case citation: 1979 (12) TMI 102 - ITAT NAGPUR)

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