2009 (9) TMI 946

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....l ORDER 1. The respondent-assessee had borrowed funds of Rs. 3,69,97,741 during the relevant assessment year 1998-99. On this, he paid interest of Rs. 20,56,500,. Which was claimed by it in the return as business expenditure. The Assessing Officer disallowed this amount on the ground that the money was utilized for the purpose of purchase of share in a company and the borrowed funds were not....