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1949 (10) TMI 3 - HC - Income TaxExtract: ....... the answer to the question referred to us by the Tribunal must be in the negative, that is the deduction of ₹ 4,500 allowed in the assessment of income-tax under the third proviso to Section 4 (1) of the Indian Income-tax Act is not allowable in computing profits chargeable to excess profits tax under Section 5 of the Excess Profits Tax Act.
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