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1962 (10) TMI 58 - HC - Income Tax
Extract:
....... Tribunal, that the trading liability incurred by the assessee in respect of the said amount of ₹ 30,190 had ceased to be its trading liability in the year 1955 by reason of the expiry of the period of three years. We therefore answer the question referred to us in the negative. We make no order as to costs. Question answered in the negative.