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Interest Deduction Allowed as Authorities Fail to Prove Borrowed Funds Misused for Investments, Lacking Substantial Evidence.

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....Disallowance of interest paid to the bank as well as to the other parties - Revenue authorities have failed to bring on record any cogent evidence and material to show that the borrowed funds have been utilized for the purposes of investment and were not used for the business purposes - claim allowed - AT....

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Interest Deduction Allowed as Authorities Fail to Prove Borrowed Funds Misused for Investments, Lacking Substantial Evidence.