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1977 (7) TMI 18 - BOMBAY HIGH COURTExtract: .......ions are answered thus Question No. 1 In the affirmative, in favour of the department. Question No. 2 In the negative, in favour of the assessee. The basis of valuation of the assets held by the trustee, adopted by the taxing authorities and the Tribunal, is invalid and improper. In the circumstances of the case, there will be no order as to costs.
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