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1987 (10) TMI 11 - HC - Income TaxExtract: .......der section 260 of the Act, may redetermine the assessee s taxable income, after considering the question whether the value of the cigarettes confiscated can be treated as a business loss. It is, however, evident that the said exercise shall be done by the Tribunal on the basis of the material already on record. There shall be no order as to costs.
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