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1981 (3) TMI 9 - MADHYA PRADESH HIGH COURTExtract: ....... deduction on account of loan obtained from LIC against the security of exempted assets, viz., LIC policy, was an admissible deduction in the calculation of his net wealth if the loan taken was used for a purpose which was not exempt from wealth-tax. The answer is in the negative and in favour of the Department. There shall be no order as to costs.
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