Is interest to NBFC in the first year allowable under I.T.Act paid when the Loan used for the purpose of acquiring shares with detailed reasoning?

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Under the Income Tax Act, section 36(1)(iii) regulates the allowance of deduction of interest while computing profit of the business. Section 36(1)(iii)  allows the amount of the interest paid in respect of capital borrowed for the purposes of the business or profession “. But, the question is whether interest paid on a loan that was…

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