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1994 (3) TMI 4 - HC - Income TaxExtract: .......ely-held companies and the action of the Legislature is well within its competence. We do not find any discrimination or arbitrariness, as complained of by the petitioners and section 40 of the Finance Act, 1983 cannot be attacked on that count. Consequent to the aforesaid discussion, the petitions fail and are dismissed with costs of Rs. 750 each.
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