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1988 (12) TMI 15 - BOMBAY HIGH COURTExtract: ....... and it cannot be held that the amounts so declared represented any known or existing liability as on December 31, 1963. No reserve for distribution of dividend to be declared having been created out of the profits of the year, the question of law requires to be and is answered in the affirmative and in favour of the assessee. No order as to costs.
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