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1996 (7) TMI 9 - HC - Income TaxExtract: .......constituted firm. Therefore, the Tribunal was correct in holding that while computing the profits under section 41(2) of the Act, the depreciation allowed to the firm prior to the reconstitution on May 28, 1976, should not be taken into account. Accordingly, we answer the question referred to us in the negative and against the Department. No costs.
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