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1991 (4) TMI 61 - KARNATAKA HIGH COURTExtract: .......he question referred to us will have to be answered necessarily in the affirmative and against the assessee. Reference is answered accordingly. That is to say, the deposits made with the Industrial Development Bank of India do not amount to payment of income-tax and, therefore, are not deductible for the purpose of computing the chargeable profits.
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