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2001 (8) TMI 34 - HC - Income TaxExtract: .......section 34(2)(ii) of the Act in a case where the proprietary business was converted into a partnership firm during the relevant accounting period. The question referred to us is, therefore, answered in the affirmative, that is, in favour of the assessee and against the Revenue. The reference stands disposed of accordingly with no order as to costs.
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