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1998 (9) TMI 80 - BOMBAY HIGH COURTExtract: .......ness, profits/income earned from the sale of these properties must be treated as business income taxable under the Act. In view of the aforesaid conclusion the question referred to this court is answered in the negative, i.e., against the assessee and in favour of the Revenue. This reference stands disposed of accordingly with no order as to costs.
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