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1987 (7) TMI 191 - ITAT MADRAS-BExtract: .......tions, rather that the department s contentions. Respectfully following these decisions of the Madras High Court, we hold that the appellant is entitled to the deduction of this sum of Rs. 5 lakhs as a debt owed on the valuation date in the computation of his net wealth under section 2(m) of the Act. 15. In the result, the appeal is partly allowed.
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