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2001 (8) TMI 92 - HC - Income TaxExtract: .......e at hand. We therefore hold that the Tribunal had erred in holding that the expenditure incurred on borewell is in the nature of capital expenditure. We therefore answer both the questions referred to us in the negative, i.e., 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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