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1960 (3) TMI 48 - HC - Income Tax
Extract:
.......t point. In view of our conclusion that capital gain could not be deemed as profits from business, profession or vocation, the assessee would not be liable to be taxed on such profits made by the predecessor. We answered question 5 in the affirmative, and question 6 in the negative. There will be no order as to cost. Reference answered accordingly.