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2004 (4) TMI 600 - HC - Income TaxExtract: .......urt decision. Following the aforesaid decision, which had approved Pingle Industries Ltd. v. CIT 1960 40 ITR 67 (SC), we are of the opinion that on the facts and circumstances of the present case, the questions raised have to be answered against the assessee and in favour of the Revenue. On the aforesaid conclusion, we dismiss the appeal. No costs.
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