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1990 (1) TMI 36 - HC - Income TaxExtract: ....... the effect that the loss must be brought in the books of account and written off in order that the benefit of section 32(1)(iii) of the Act could be claimed. For the foregoing reasons, we answer the question referred to us in the affirmative and against the assessee. The Revenue will be entitled to the costs of this reference. Counsel fee Rs. 500.
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