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1987 (3) TMI 61 - HC - Income TaxExtract: .......y clause is not attracted. We accordingly hold that the Tribunal correctly held that the assessee is entitled to exemption under section 1l(1)(a) of the Act and it warrants no interference. The reference is accordingly answered against the Revenue and in favour of the assessee, but in the circumstances, each party is directed to bear its own costs.
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