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1996 (4) TMI 83 - HC - Income TaxExtract: .......with rules 55 and 56 and whether the investment should be considered as stock-in-trade or circulating capital. If it is found that the said investment is of stock-in-trade or circulating capital, then the exemption to that extent would be given. The references are answered in favour of the Revenue and against the assessee with no order as to costs.
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