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1991 (10) TMI 79 - AT - Income TaxExtract: ....... this case. It is also not proved by the ITO that the transactions indulged in by the appellant are dubious or colourable so as to come within the ratio of McDowell and Co. Ltd. vs. CTO. 7. Under these circumstances we can do nothing except to allow this appeal with a direction to the ITO to allow the loss of Rs. 86,500 as claimed by the appellant.
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