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1980 (6) TMI 20 - HC - Income TaxExtract: .......as on the first day of the computation period. Therefore, it cannot be said that there was any debt in existence owed by the assessee to anyone as on the first day of the computation period. Therefore, the view taken by the Tribunal is correct and must be upheld. The question is accordingly answered in the affirmative and in favour of the assessee.
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