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1962 (3) TMI 83 - HC - Income TaxExtract: .......long with section 12(1B) of the Income-tax Act the amount of loan due by the assessee to the company on the date when he undertook to discharge that loan to the company to the extent of the accumulated profits of the company of that date. As the assessees have partly failed and partly succeeded there will be no order as to costs. Order accordingly.
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