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1981 (12) TMI 50 - ITAT BOMBAY-DExtract: .......penditure exceeded the sale proceeds, etc. I direct that the income, if any, shall not be charged under the head business , but, at the same time, I make it clear that while giving effect to this order, it will be open to the ITO, to consider charging it in accordance with law under any other head of income. 7. In the result, the appeal is allowed.
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