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1980 (1) TMI 8 - ANDHRA PRADESH HIGH COURT
Extract:
....... found as of fact The assessee had entered the chits only for the purpose of finding finances for business ... (and) the chit amounts bid had been utilised only for the business ......... On the above facts, the question referred can be and is answered only in the affirmative, in favour of the assessee and against the revenue. No order as to costs.