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Loan Interest Allowed u/s 57 Due to Clear Nexus Between Borrowed Funds and Their Use by Assessee.

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Full Text of the Document

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....Allowability of interest on loan u/s 57 - as soon as the assessee received the funds from HDFC Ltd, BHW Home Finance and Religare Finvest Ltd., the same were transferred to MIPL, thus clearly establishing the direct link/nexus between the borrowings and lending - No disallowance....

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