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1997 (8) TMI 62 - HC - Income TaxExtract: .......Industries or Ganesh Twine Mills cannot be treated to be exempted and it will have to be treated to be an income of the institution and has to be taxed accordingly. In this view of the matter, we are of the opinion that the view taken by the Tribunal is justified. Hence, we answer the two questions against the assessee and in favour of the Revenue.
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