2009 (9) TMI 946

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.... borrowed funds of ₹ 3,69,97,741 during the relevant assessment year 1998-99. On this, he paid interest of ₹ 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 spent for business purposes. This f....