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1975 (5) TMI 11 - HC - Wealth-taxExtract: .......income-tax is payable by the firm on these outstandings on the valuation date in view of its cash system of accounting and section 2(m) of the Act does not allow any such deductions. Therefore, the last contention of Mr. Ginwalla must also fail. In the facts and in the circumstances of the case, we make no order as to costs. R. N. PYNE J.--I agree.
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