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1960 (3) TMI 50 - HC - Income TaxExtract: .......answer question 2(a) in the negative and against the assessee. Our answer to question 2(b) is that ₹ 41,000 was assessable to tax as capital gains under section 12B of the Indian Income-tax Act. As neither the assessee nor the Department has wholly succeeded in this reference there will be no order as to costs. Reference answered accordingly.
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