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1997 (12) TMI 52 - HC - Wealth-taxExtract: .......assessee is not entitled to claim exemption under section 5(1)(xii) of the Act. Hence, we are of the view that both the questions of law are liable to be answered against the assessee. Accordingly, we answer both the questions in the affirmative and against the assessee. However, in the circumstances of the case, there will be no order as to costs.
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