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2001 (12) TMI 59 - PUNJAB AND HARYANA HIGH COURTExtract: .......m shall be chargeable to income-tax under the head Profits and gains of business or profession. In view of the above, we hold that the Tribunal was not right in allowing the standard deduction to the assessee. The question is, accordingly, answered in favour of the Revenue. Since no one has appeared for the respondent, we make no order as to costs.
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