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1989 (2) TMI 47 - HC - Income TaxExtract: ....... under article 226 of the Constitution of India and not in a reference. For the reasons recorded above, we answer the question in favour of the Revenue, that is, in the negative, and hold that the value of the land as on January 1, 1954, has to be taken into consideration for computing the capital gains. However, there will be no order as to costs.
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