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1988 (11) TMI 4 - HC - Income TaxExtract: .......ed by counsel that the answer to the second question must be in the affirmative and in favour of the Revenue, having regard to the judgment of this court in CIT v. P. K. Badiani 1970 76 ITR 369. Accordingly, both questions are answered in the affirmative and in favour of the Revenue. The assessee shall pay to the Revenue the costs of the reference.
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