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1983 (1) TMI 69 - MADHYA PRADESH HIGH COURTExtract: .......that a loan secured on the life insurance policy could not be deducted as a debt while computing the net wealth. We respectfully agree with these decisions. For these reasons, our answer to the question referred to us is in the negative and against the assessee. In the circumstances of the case, parties shall bear their own costs of this reference.
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