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1990 (11) TMI 217 - AT - Income TaxExtract: .......we hold that the CIT was not justified in interpreting the said Explanation the way he did. We consequently hold that the recourse taken by him to section 263 of the Act was not validly taken. Accordingly, we set aside the impugned order under section 263 and restore that of the ITO on this issue. 10. In the result, the assessee s appeal is allowed
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