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1954 (12) TMI 36 - HC - Income TaxExtract: .......able in the hands of the assessee under the provisions of section 16(3)(a)(iii) of the Act. I would accordingly answer the question referred to the High Court in favour of the Income-tax Department and against the assessee. The assessee must pay the costs of the reference; hearing fee ₹ 250. MISRA, J.--I agree. Reference answered accordingly.
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