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The two questions urged by the Revenue in its appeal under section 260A of the Income-tax Act, 1961 (hereafter referred to as 'the Act') are - firstly, the interest income earned by the assessee towards the surplus funds lying with it; and, secondly, the disallowance made on the provision for retirement benefits.

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Section 37 of the Income-tax Act, 1961—Business Expenditure—Interest income earned by the assessee towards the surplus funds lying with it is deductible under section 37 - PR. CIT V/s NTPC SAIL POWER CO. (P.) LTD. - [2018] 2 ITCD Online 113 (DEL)

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