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2005 (12) TMI 242 - AT - Income TaxExtract: .......y the assessee. Taking into consideration the entire conspectus of the case we are of the opinion that the income-tax and wealth-tax liabilities cannot be deducted as debts due in relation to taxable assets. We, therefore decide this issue in favour of the Revenue and against the assessee. 15. In the result the appeal of the Revenue stands allowed.
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