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1986 (1) TMI 196 - ITAT PUNEExtract: .......fficient. If the ITO s version is to be accepted in this respect, there is no reason why the assessee s version also need not be accepted that he has raised fresh loans to discharge old loans. After all he had nothing in the beginning when he had started acquiring immovable property. 15. In the result, the Revenue fails and the appeal is dismissed.
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