TIOL-DDT 1194 · the untouched capture
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<p><font size="2"><strong><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT 1194 </font></strong><font face="Verdana, Arial, Helvetica, sans-serif"><strong><br>
10.09.2009 <br>
Thursday </strong></font></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Government notifies the COST INFLATION INDEX FOR 2009 -10 </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As per Section 48 of the Income Tax Act, for calculating capital gains, indexed cost of acquisition is to be deducted from the sale consideration to arrive at the taxable gains. And the Government is to notify a cost inflation index (CII). The government has now notified <strong>632 </strong> as the cost inflation index for 2009-10. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">
Want to know the indices for the previous years? Here they are. </font></p>
<table width="450" border="1" align="center" cellpadding="3" cellspacing="0" bordercolor="#999999">
<tr>
<td width="48" valign="top" bgcolor="#00FF00"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Sr. </strong></font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>No </strong></font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Financial Year </strong></font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CII </strong></font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Sr.No </strong></font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Financial Year </strong></font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CII </strong></font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Sr.No </strong></font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Financial Year </strong></font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CII </strong></font></p></td>
</tr>
<tr>
<td width="48" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1981-82 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">100 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">10 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1990-91 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">182 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">19 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1999-00 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">389 </font></p></td>
</tr>
<tr>
<td width="48" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1982-83 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">109 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">11 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1991-92 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">199 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">20 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2000-01 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">406 </font></p></td>
</tr>
<tr>
<td width="48" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1983-84 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">116 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">12 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1992-93 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">223 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">21 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2001-02 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">426 </font></p></td>
</tr>
<tr>
<td width="48" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1984-85 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">125 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">13 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1993-94 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">244 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">22 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2002-03 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">447 </font></p></td>
</tr>
<tr>
<td width="48" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1985-86 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">133 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">14 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1994-95 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">259 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">23 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2003-04 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">463 </font></p></td>
</tr>
<tr>
<td width="48" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1986-87 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">140 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">15 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1995-96 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">281 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">24 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2004-05 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">480 </font></p></td>
</tr>
<tr>
<td width="48" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1987-88 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">150 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">16 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1996-97 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">305 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">25 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2005- 06 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">497 </font></p></td>
</tr>
<tr>
<td width="48" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1988-89 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">161 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">17 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1997-98 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">331 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">26 </font></p></td>
<td width="76" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2006-07 </font></p></td>
<td width="38" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">519 </font></p></td>
</tr>
<tr>
<td width="48" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">9 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1989-90 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">172 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">18 </font></p></td>
<td width="76" valign="top" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1998-99 </font></p></td>
<td width="57" valign="top" bgcolor="#FFFF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">351 </font></p></td>
<td width="38" valign="top" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">27 </font></p></td>
<td width="76" bgcolor="#FF9966"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2007-08 </font></p></td>
<td width="38" bgcolor="#00FF00"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">551 </font></p></td>
</tr>
</table>
<p> </p>
<table width="450" border="1" align="center" cellpadding="3" cellspacing="0" bordercolor="#009900">
<tr bgcolor="#009933">
<td width="48" valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">28 </font></p></td>
<td width="144" valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2008-09 </font></p></td>
<td width="94" valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">582 </font></p></td>
</tr>
<tr bgcolor="#009933">
<td width="48" valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>29 </strong></font></p></td>
<td width="144" valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>2009-10 </strong></font></p></td>
<td width="94" valign="top"><p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>632 </strong></font></p></td>
</tr>
</table>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2009/it09not067.htm" target="_blank">Income Tax Notification 67/2009, Dated: September 9, 2009 </a></strong></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Foreign Trade Policy - Import of Electrical Energy – Restricted </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Government has made import of Electrical Energy restricted and import is subject to licence to be issued by DGFT in consultation with Ministry of External Affairs, Ministry of Power and Department of Commerce, Government of India. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Who is selling power to India and why should it be restricted? Well, that's the Government's Import Policy. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2009/dgft09not007.htm" target="_blank">DGFT Notification No. 7/2009-2014, Dated: September 8, 2009 </a></strong></font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Chartered Accountants Research Foundation – Eligible for Exemption under Section 10(23C)(iv) of Income Tax Act – Delhi High Court </strong></font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">As per Section 10(23C)(iv) of the Income Tax Act, </font></p>
<blockquote>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">any income received by any person on behalf of </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">any other fund or institution established for <em>charitable purposes </em> which may be approved by the prescribed authority, having regard to the objects of the fund or institution and its importance throughout India or throughout any State or States, </font></p>
</blockquote>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">is not included in the total income. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Now is the <strong>ICAI ACCOUNTING RESEARCH FOUNDATION </strong>eligible for this exemption? </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The AO did not think so. But the High Court did. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In a recent judgement, the Delhi High Court held that the Foundation is essentially established for the purpose of education and/or for advancement of any other project of general public utility and was eligible for the exemption under Section 10( 23C )(iv) of the Income Tax Act. </font></p>
<p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=38&filename=legal/hc/2009/2009-TIOL-484-HC-DEL-IT.htm" target="_blank">Click here</a> </strong> for the High Court judgement. </font></p>
<p align="center"><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"> </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Jurispruden</font><font color="#FF6633" size="5">tiol</font><font color="#006600"> – Friday's cases</font></strong></font></strong></font></p>
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color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Central Excise </strong></font></p>
<p align="justify"><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Eligibility of benefit of Notification 6/02-CE, 3/04-CE & 6/06-CE for manufacture and clearance of ductile iron spun pipes for usage beyond first storage point and also as replacements – Prima facie strong case in favour of appellants – Pre-deposit of Rs 84 Crores waived and stay granted: CESTAT </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The appellants are engaged in the manufacture and clearance of ductile iron spun pipes. Revenue proceeded against the appellants denying the benefit of exemption notifications 6/02-CE, 3/04-CE and 6/06-CE on the ground that exemption for the pipes will be limited up to the first storage point only and for goods which are required only for a new plant and not for clearance as replacements. An amount of Rs. 41.30 crores was demanded towards duty along with interest from the appellant and a penalty equivalent to duty in terms of Section 11AC of Central Excise Act, 1944 and further penalty of Rs. 4 crores under Rule 25 of Central Excise Rules, 2002 was imposed. </font></p>
<p><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Income Tax </strong></font></p>
<p><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Indo-UK DTAA - payments to non-resident for providing marketing support services - TDS u/s 195 - even if technical and managerial consultancy services are provided to exporter, since there is no transfer of technical skill or knowledge, condition of 'make available' under tax treaty is not satisfied - no TDS: ITAT </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IT </strong>is a common practice for Indian exporters to hire non-resident agents to promote their business and procure concrete orders for supplies of goods or services in foreign markets. To perform their part of charter of duties and provide the catalytic support for deliverables, the non-resident agents also have to hire technically-qualified manpower. They also explore the possibility of expansion of the market for their products and provide management consultancy. But, do all these activities amount to providing technical and managerial consultancy services to the Indian entities? Are the payments made by the Indian exporters linked to these services said to be ''fees for included services''? Does it also include under its fold the reimbursement of expenses? </font></p>
<p><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Customs </strong></font></p>
<p align="justify"><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Applying incorrect rate of duty is not a clerical error u/s 154 of Customs Act - Mere filing of an appeal against order of assessment without filing refund claim within the mandatory period is not proper – Refund time barred – CESTAT allows Revenue appeal </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The respondent filed a Bill of Entry dated 09.01.2007 for clearance of goods viz. Low Carbon Ferro Chrome under CTH 7202.4900 which was assessed to duty @20%+16%+2%+4% and Customs duty of Rs.6,97,597 /- was paid on 12.01.07 by the respondent. It is the contention of the importer that the CHA had committed a mistake in filing the document inasmuch as the correct duty payable is only @7.5% and they, therefore, made a request for amendment of document and furnished required information/evidence in support of their contention. The Addl. Commissioner allowed amendment of the Bill of Entry on 12.01.07 but did not refund excess amount deposited by the respondent. </font></p>
<p><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">See our columns Tomorrow for the judgements </font></strong></p>
<p><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow with more DDT </font></p>
<p><font color="#FF6633" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice day. </font></p>
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