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1977 (7) TMI 62 - ITAT AHMEDABAD-AExtract: .......d in the partnership firm, would fall outside the scope of s. 2(14) of the Act as the stock-in-trade is not covered by the expression capital asset under the said section. In the above view of the matter, we are unable to sustain the decision of the learned CIT. We accordingly quash his order and restore the order of the ITO. The appeal is allowed.
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