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2007 (2) TMI 346 - AT - Income TaxExtract: .......12 SOT 207 wherein action of Commissioner under section 263 for bringing to tax-net a claim of loss lodged with the Insurance Company, was held to be not justified. 9. In view of the above, we do not find any merit in the order of the CIT passed under section 263 of the Income-tax Act, 1961. 10. In the result, the appeal of the assessee is allowed.
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