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1970 (5) TMI 10 - HC - Income TaxBank loan used for purchase of goods was not repaid to bank - compromise decree for amount realised by sale of stock hypothicated - amount owed by the assessee to the bank was a trading liability and a remission in that received by the assessee would attract the provisions of sub-section (2A) of section 10 of the Act inasmuch as the assessee had received deduction for losses in a previous year of assessment.
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