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1981 (11) TMI 7 - MADRAS HIGH COURTExtract: ....... foregoing paragraphs as the proper basis for claiming deduction for municipal property tax under the mercantile system of accounting. In the circumstances, our answer to the second question is that the deduction must be limited to the amount actually allowed by the ITO. In the circumstances of the case, however, there will be no order as to costs.
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