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The High Court of Bombay upheld the decision allowing the assessee's claim for development rebate reserve and deduction, citing the judgment in Indian Oil Corporation Ltd. v. S. Rajagopalan, ITO [1973] 92 ITR 241. Both questions were answered in favor of the assessee. No costs were awarded. (Case citation: 1988 (11) TMI 54 - BOMBAY High Court)
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