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Finance Costs on Debenture Redemption Allowable for Business Use u/s 36(1)(iii) Despite Objections on Quantum and Rates.
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....Disallowance finance cost - borrowings through debentures issued - objection that quantum of borrowing made together with the period of borrowings such rates of interest are highly excessive - Once it has been established through documentary evidence that borrowing has been made through the debentures and utilized for the purpose of business - cost incurred on redemption of debentures is allowable u/s 36(1)(iii)....