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1981 (8) TMI 252 - AT - Income TaxExtract: .......annot be diverted for any other purposes, it will be treated as exempt under section 10(22). The view expressed in the circular represents a reasonable interpretation, of clause (22) of section 10 and in that view, the income of the assessee is clearly exempt under section 10(22). 5. In the result, the appeal is allowed and the assessment annulled.
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