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1983 (4) TMI 102 - ITAT HYDERABAD-BExtract: .......pinion, the orders of the lower authorities refusing exemption were wrong and, hence, they are set aside and we direct the ITO to grant exemption under section 54(1) to the assessee. There is no merit in the argument of the assessee relating to second ground. On facts the disallowance of Rs. 5,000 is confirmed. In the result, the appeal is allowed.
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