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1991 (11) TMI 12 - HC - Income TaxExtract: .......would be a reserve as shown in item No. (3) under the head Reserves and Surplus in Part I of the Sixth Schedule to the Companies Act and, therefore, it was not hit by Explanation 2 to rule 2. We, accordingly, answer both the questions in the affirmative and in favour of the assessee. There will be no order as to costs. SHYAMAL KUMAR SEN J.-I agree.
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