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1989 (9) TMI 27 - HC - Income Tax

The High Court dismissed the application under section 256(2) of the Income-tax Act, stating that no question of law arises. The Tribunal found that borrowed money was diverted for personal use, not for payment of taxes, and therefore sections 80V and 182(4) did not apply. The petition was dismissed with no costs.

 

 

 

 

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