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2005 (1) TMI 93 - HC - Income TaxExtract: .......ources under section 56 of the Act whereas income earned by sale of empty bags/containers/drums is a business income and, hence, liable to be taxed as such. So the reference is answered partly in favour of the assessee and partly in favour of the Revenue, i.e., partly against the assessee and partly against the Revenue as indicated supra. No costs.
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