1980 (1) TMI 8

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....er of Income-tax under s. 256(1) of the I.T. Act, 1961 (43 of 1961), for opinion of this court on the following question : " Whether, on the facts and in the circumstances of the case, the loss incurred by the assessee can be allowed as an admissible deduction in computing the income for the assessment year 1971-72 ? " The assessee is a limited company. It had contributed to a " chit fund known ....