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1991 (3) TMI 12 - MADHYA PRADESH HIGH COURTExtract: .......ore, is that, on the facts and in the circumstances of the case and in terms of section 2(m)(ii) of the Wealth-tax Act, the debt in question must be disallowed only in proportion to the exempted value of the asset or the property securing the debt, i.e., the fixed deposit receipt. Reference answered accordingly. There shall be no order as to costs.
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