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1977 (6) TMI 38 - ITAT CHANDIGARHExtract: .......a taxable asset. Holding that on the facts of the case, the A.A.C. misconstrued the provisions of s. 2(m) (ii) of the Act, we allow this assessee s appeal with the direction that the loan of Rs. 11,950, with which the assessee had acquired taxable wealth is an allowable deduction in the computation of taxable wealth in this case. 6. Appeal allowed.
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