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1996 (1) TMI 155 - AT - Income TaxExtract: .......he above referred three decisions and the Instruction No. 1175 issued by the CBDT, it is obvious that if a subscriber incurs loss in subscribing to the chit fund to raise funds to use them in his business or for the business purpose, such a loss is an allowable deduction. In this view of the matter, the appellant succeeds and the appeal is allowed.
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