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1988 (11) TMI 1 - BOMBAY HIGH COURTExtract: .......ention. They said that this was not a case where a book asset was revalued within the meaning of that Explanation. The gain on devaluation, in their opinion, represented an increase in the value of an asset which had been realised. In the result, the second question is answered in the affirmative and in favour of the assessee. No order as to costs.
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