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1989 (11) TMI 119 - ITAT MADRAS-DExtract: .......fied that none of these items could be regarded as an investment or deposit offending the provisions of section 13(1)(d) so as to deny the exemption under section 11 to the assessee. We therefore set aside the orders of the authorities below and direct the ITO to grant exemption under section 11 and reframe the assessment. 9. The appeal is allowed.
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