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1982 (9) TMI 92 - ITAT BOMBAY-BExtract: .......of capital employed only, which, earlier, formed part of rule 19A. Even otherwise, when the assessee has started business activity by the reclamation, there has to be a computation for the assessment year 1976-77. We see no merit in the assessee s contention. 22. In the result, the department s appeal is allowed and the assessee s appeal dismissed.
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