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1980 (3) TMI 116 - ITAT COCHINExtract: .......5 also. According to the above principle the liability to pay tax is one under the IT Act and hence it would be a debt owed on the relevant valuation date. 9. In view of the above decision, we hold that the assessee is entitled the deduction claimed. We, accordingly, direct the WTO to modify the assessment. 10. In the result, the appeal is allowed.
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