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1984 (1) TMI 111 - ITAT CHANDIGARHExtract: .......ax. The Tribunal s decision also in the case of Champalal Saraogi held that loan from LIC taken against security of insurance policy by the assessee cannot be deducted as insurance policy is exempt. In the light of above discussion and for the reasons given by the AAC in her order, her action is confirmed. 6. In the result, the appeal is dismissed.
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