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1976 (4) TMI 38 - HC - Income TaxExtract: .......ther it was a bad debt. For the reasons stated above we answer the reference by saying that the sum of Rs. 44,234 was allowable as a business loss. As the reference is answered against the department and in favour of the assessee, the assessee shall be entitled to his costs which is assessed at Rs. 200. Counsel s fee is assessed at the same figure.
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