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2002 (2) TMI 84 - HC - Income Tax
Extract:
......., the Supreme Court s decision cited supra applies on all fours. In that view we are of the clear opinion that the amount of Rs. 1,77,186 being the credit balances written off and transferred to the general reserve account has to be treated as income of the assessee chargeable to income-tax. We answer the reference accordingly against the assessee.