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2003 (11) TMI 273 - AT - Income TaxExtract: .......t to bank was an expenditure allowable in the year of accrual and therefore, the order of CIT(A) is reversed and the assessee s appeal is allowed. 19. In the result, assessee s appeal Nos. 63 and 64/Agr/1997 are allowed on the ground that proceedings initiated under s. 147 were illegal and bad in law whereas ITA No. 65/Agr/1997 is allowed on merit.
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