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1992 (9) TMI 119 - ITAT CALCUTTA-CExtract: .......he McDowell doctrine is not attracted as held by the Supreme Court and the Madras High Court in the decisions cited above. 12. For these reasons we hold that the assessees are entitled to the exemption under section 5(1)(xvia) of the WT Act in respect of the National Defence Gold Bonds, 1980, held by them. 13. In the result, the appeals are allowed
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