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1988 (12) TMI 34 - BOMBAY HIGH COURTExtract: .......ry reserve was not created in the account year 1972 which was a year of loss ? Counsel are agreed that the question must be answered in the affirmative and in favour of the assessee in view of this court s judgment in Indian Oil Corporation Ltd. v. S. Rajagopalan, ITO 1973 92 ITR 241. The question is, accordingly, so answered. No order as to costs.
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