HC remanded matter back for fresh consideration on issue related to allowability of interest paid on loans

INCOME TAX : Where assessee claimed deduction under section 57(iii) on interest paid on loans taken by it from its relatives, since assessee had specifically stated that loans were availed through proper banking channels and interest amounts were paid to lenders, who had disclosed same in their respective return of income and tax was remitted by them on interest income, revenue was unjustified in disallowing assessee's claim for deduction under section 57(iii) in respect of interest paid and, th

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