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2004 (8) TMI 331 - ITAT CUTTACKExtract: .......was pledged as a collateral security for opening LC which was required for import of plant and machinery. Thus, the ratio laid down by the Hon ble Supreme Court in the case of Auto Kast is not applicable to the facts and circumstances of the instant case. 28. In the result, the appeals of the assessee and the Revenue are disposed as directed above.
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