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1987 (6) TMI 79 - ITAT CALCUTTA-AExtract: .......ction of the Income-tax Act was applicable and the income so derived by the assessee was assessable under section 56 of the Income-tax Act. Under the said circumstances, the finding of the AAC on this point is reversed and the ITO s computation of income for both the years under appeal is maintained. 11. In the result, both the appeals are allowed.
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