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1994 (7) TMI 21 - RAJASTHAN HIGH COURTExtract: .......riginally belonged to the firm in the capacity of the co-owners in the same ratio in which they shared the profits and gains from the business of the firm without going through the requirement of section 17(1)(b) of the Registration Act. Consequently, the reference is answered in favour of the Revenue and against the assessee. No order as to costs.
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