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1998 (3) TMI 175 - AT - Income TaxExtract: .......the investment made in the PPF A/c was not out of the income chargeable to tax. In view of our discussion above in the case of Shri Arun Kumar Jain, we hold that the assessee is not entitled to rebate under section 88 in respect of deposit in the PPF A/c out of borrowed funds. 12. In the result, the two appeals filed by the assessees are dismissed.
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