1979 (1) TMI 35

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....he I.T. Act, 1961 (hereinafter referred to as the Act), in the above case reads : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the money borrowed and utilised in the construction of the new factory building was for the purpose of the assessee's business and therefore, the interest payment on such borrowings is allowable as a ....