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    Income Tax

    nterest on loan to Managing Director - unless interest payment...

    Interest on Loan to Managing Director Not Automatically Non-Business; Requires Proof of Diverted Funds. Decision Sent Back.

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    Income TaxJuly 1, 2013Case LawsAT

    nterest on loan to Managing Director - unless interest payment is directly related to the diverted funds, it cannot be said that interest incurred by the assessee was for non business purpose - remit this issue to AO to decide afresh. - AT

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