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1944 (4) TMI 11 - HC - Income TaxExtract: .......yments of these installments are therefore exempt from income-tax under the provisions of Explanation 2 to sub-section (1) of Section 7 of the Income-tax Act, and we answer the question accordingly in favour of the assessee. The Income-tax department will pay the costs of these references and the deposits made by Mr. Khosla will be returned to him.
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