Interest Deduction Allowed u/s 36(1)(iii) for Assessment Year 1999-2000; Clarifies Borrowing vs. Investment Transactions.

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Full Text of the Document

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....The interest paid has to be allowed as deduction u/s 36(1)(iii) as in existence during the assessment year 1999-2000 as a transaction of borrowing is not the same as a transaction of investment - HC....