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1988 (8) TMI 53 - HC - Income TaxExtract: .......istinct capacity. The prohibition contained in section 40(b) of the Act was, therefore, clearly attracted. The contrary view of the Tribunal is, therefore, not justified. Consequently, the reference is answered in favour of the Revenue and against the assessee by holding that the Tribunal s view in favour of the assessee is not justified. No costs.
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