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1939 (12) TMI 2 - HC - Income TaxExtract: .......selves, for they were acquitted and they retained their Excise licence and so were able to continue their business. Consequently, these sums cannot be deducted, either as a loss in arriving at the profits or gains which are liable to assessment under the Act, or as an expenditure coming within clause (ix) of Section 10, sub-section (2), of the Act.
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