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1948 (3) TMI 36 - BOMBAY HIGH COURTExtract: ....... activity carried on by the Municipality does not fall within the exemption mentioned in sub-clause (iii) of Section 4(3) and therefore the income derived by the Municipality is liable to tax. The answer to the question therefore will be in the negative. The assessee to pay the costs. TENDOLKAR, J.―I agree. Reference answered in the negative.
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