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1978 (7) TMI 78 - MADHYA PRADESH HIGH COURTExtract: ....... counsel for the assessee would be accepted but the second reason clearly indicates application of mind and exercise of discretion by the ITO. In this view of the matter, our answer to the first question is in the affirmative. The answer to the second question follows. Reference is answered accordingly. Parties are directed to bear their own costs.
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