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1953 (8) TMI 25 - HC - Income TaxExtract: .......ich is "chargeable", but which is excluded for the purposes of tax to be levied. It is never made chargeable under Section 9 and, therefore, it is impossible to hold that the second proviso to Section 12B(1) applies to this case. In our opinion, therefore, the second question also must be answered in the negative and against the assessee.
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