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1973 (10) TMI 8 - KERALA HIGH COURTBanking Regulation Act, 1949 - " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the assessee-company's claim for deduction of a sum of Rs. 55,545, being the difference between the book value of the Government securities held by the assessee and the value at which they were taken over by Lord Krishna Bank Ltd., on the amalgamation of the assessee with the said bank has been rightly rejected by the Income-tax Officer ? " - The fact that the assessee practically ceased to do business simultaneously does not alter the character or the nature of the transaction. The sum of Rs. 55,544.05, therefore, should have been deducted from the other business income of the assessee computed by the authorities. - We answer the question referred to us in the negative that is in favour of the assessee and against the department.
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