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Case Law Details

Case Name : Steelco Gujarat Ltd. Vs ACIT (ITAT Ahmedabad)
Related Assessment Year : 2002- 03
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RELEVANT PARAGRAPH

7. We have considered the rival submissions of the parties and perused the materials on record. The undisputed facts are that the assessee had plant and machinery already existing prior to the receipt of finance from Wipro Finance Ltd. It is apparent from the chart of payment referred to by the learned AR of the assessee. This clearly indicates that the loan was not given directly or indirectly for the purpose of purchasing plant and machinery

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