1988 (11) TMI 10

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....law raised in this reference at the instance of the Department reads thus : "Whether, on the facts and in the circumstances of the case, the expenditure incurred by the assessee-company during the pre-production period as aforesaid or any part thereof by way of interest on loans (Rs. 36,826), commitment charges (Rs. 3,356) and legal and professional charges (Rs. 13,375) : (a) formed part of the....