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Source of fund from which exp. is incurred is not relevant while allowing deduction for business purposes: SC

September 14, 2020[2020] 119 taxmann.com 137 (SC)
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INCOME TAX: Where core business of assessee corporation was to receive funds from Central Government and then advance same loans and grants to co-operative societies, merely because grants benefited a third party, it would not render disbursement as application of income and not expenditure and thus, expenditure incurred in course of and for purpose of business would be an allowable deduction under section 37(1)

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