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1981 (2) TMI 37 - HC - Wealth-taxExtract: .......will go back into the exempted stock. But the loan taken by the assessee falls clearly within the purview of section 2(m)(ii) of the Act and it has been converted into assets of a character different from that of any exempted asset. In the result, we answer the question in the negative, that is, in favour of the department and against the assessee.
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