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2012 (4) TMI 630 - HC - Income TaxClaim of bad debt under s. 36 - Held that:- Going by the obligation of the foreman arising under ss. 21 and 22 of the Chit Funds Act to make good the default to the successful bidder on the subsequent day transaction, the claim was rightly considered by the Tribunal as one allowable under s. 36 of the Act.
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