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Bench: Shri Om Prakash Kantshri Pavan Kumar Gadale
capital borrowed for the purposes of the business or profession" has to be allowed as a deduction in computing the income tax under Section 28 of the Act. In Madhav Prasad Jantia vs. Commissioner of Income Tax UP AIR 1979 SC 1291, this Court held that the expression "for the purpose of business" occurring under the provision is wider