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1991 (4) TMI 118 - HC - Income TaxExtract: ....... the argument of learned standing counsel that the law laid down in ITO v. Lakhmani Mewal Das 1976 103 ITR 437 (SC) has to be projected into the consideration of the issue whether the Income-tax Officer had reason to believe . Hence, we answer the question in the negative, that is to say, in favour of the Revenue and against the assessee. No costs.
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