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1988 (12) TMI 98 - BOMBAY HIGH COURTExtract: ....... the previous year, the actual cost to the assessee less all depreciation actually allowed to him under this Act, or any Act repealed thereby, or under executive orders issued when the Indian Income-tax Act, 1886 (11 of 1886), was in force. Accordingly, the question is answered in the affirmative and in favour of the assessee. No order as to costs.
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