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1989 (9) TMI 58 - HC - Income TaxExtract: ....... entitled to the exemption under section 54 of the Act, the question whether section 48 read with 55(b) is applicable or not, will not arise. For the foregoing reasons, we answer the question referred to us in the affirmative in favour of the assessee and against the Revenue. The assessee is entitled to his costs. Counsel s fee is fixed at Rs. 500.
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