ITAT incorrectly denies interest expense deduction u/s 36(1)(iii) due to non-allotment of shares to appellant.

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....ITAT was not right in law in holding that deduction of interest expenses was not admissible u/s 36(1)(iii) of the Income Tax Act, 1961 merely because shares were never allotted to the appellant in response to the share application. - HC....