No deduction allowable if interest liability accrued on loan was adjusted in further loan taken from same bank

IT: Where assessee had taken loan from a bank and it instead of payment of interest liability accrued during year obtained further loan from bank and sought to adjust interest liability in said loan and further it claimed deduction of interest liability, Explanation 3C to section 43B was squarely applicable in facts of instant case and Assessing Officer had rightly disallowed deduction as claimed by assessee

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