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2002 (7) TMI 58 - CALCUTTA HIGH COURT"Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Assessing Officer to allow the sum of Rs. 50 lakhs received as advance sale consideration in terms of the agreement dated September 22, 1986, as debt owed in computing the net wealth under section 40(2) of the Finance Act, 1983?" - On the basis of the undisputed facts and the circumstances of the case and on a plain reading of the relevant provisions of law, namely, section 40(2) of the Finance Act, 1983, and also the provisions under section 55(6)(b) of the Transfer of Property Act, I think the learned Tribunal did not go wrong in law and the conclusion of the learned Tribunal should also be accepted. The only question referred to us in this reference, is, therefore, answered in the affirmative and in favour of the assessee.
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