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1962 (5) TMI 54 - HC - Income TaxExtract: .......t in course of time it may ripen into a debt, that is, it is only an inchoate state at the commencement. In the instant case when the words 'debt owed' have been intentionally used by the Legislature, they mean ascertained or certain amount which is opposed to inchoate, contingent, future, un-ascertained, uncertain or imperfect obligations.
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