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1988 (12) TMI 44 - BOMBAY HIGH COURTExtract: .......nd question has to be considered. And it is agreed that the issue is concluded by the judgment of this court in CIT v. National Organic Chemical Industries Ltd. 1978 115 ITR 56. Having regard to this judgment, the question is answered thus Only those liabilities which were due and pay able on the relevant date can be deducted. No order as to costs.
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