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1980 (4) TMI 29 - HC - Income Tax
Extract:
.......nt a trading liability owed by the assessee to M/s. Janki Dass Banarsi Dass, nor had this amount of liability been allowed as a deduction in earlier assessments. For the above reasons, we agree with the view taken by the Tribunal and answer the question referred to us in the affirmative and against the applicant. There will be no order as to costs.