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2001 (7) TMI 79 - PUNJAB AND HARYANA HIGH COURTExtract: .......ity. Consequently, the amount transferred by the assessee to its profit and loss account was exigible to the levy of income-tax. The Tribunal had erred in accepting the assessee s claim. Resultantly, the question as posed at the outset is answered in favour of the Revenue and against the assessee. In the circumstances, we make no order as to costs.
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