Interest Deduction on Loans Disallowed u/ss 24(b) and 36(1)(iii) of Income Tax Act: Assessee's View Had Merit.

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....Disallowance out of interest on loan u/s 24(b) as well as u/s 36(1)(iii) - belief of the assessee that any expense incurred during the course of its business (including interest paid on funds borrowed) should be allowable against the income earned during the course of business, cannot be said to be wholly unfounded and without any basis - AT....