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1962 (4) TMI 132 - HC - Income TaxExtract: .......t dated July 23, 1947, on account of the liabilities incur red by the predecessor firm it was not in the nature of a capital payment and was deductible under section 10(2)(xv). The answer to the question should, therefore, be in the affirmative. The department should get its usual costs assessed at ₹ 200. Question answered in the affirmative.
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