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1999 (7) TMI 49 - HC - Income TaxExtract: .......f the Karnataka High Court in CIT v. Shankaranarayana Hotels Pvt. Ltd. 1992 198 ITR 373. We are in full agreement with the above decisions. In view of the above, the question referred to us is answered in the affirmative, 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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