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1987 (8) TMI 169 - ITAT MADRAS-DExtract: .......le to the facts of the present case. We would,, therefore respectfully follow the two decisions of the Madras and Bombay High Courts relied on by the assessee and confirm the order of the CIT (Appeals) directing grant of exemption under sec. 54(1) of the Act to the assessee. 30. In the result, the appeal for the year 1982-83 is also partly allowed.
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