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Interest paid on borrowings used to acquire inventory of land was allowable deduction

September 10, 2020[2020] 118 taxmann.com 541 (Bangalore - Trib.)

INCOME TAX: Interest paid on borrowed funds which were used for acquisition of land which was an inventory was allowable under section 36(1)(iii)

INCOME TAX: Where from P&L account of assessee it was clear that assessee had not earned any exempt income during year, no disallowance under section 14A was to be made

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