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1986 (7) TMI 36 - HC - Income TaxExtract: .......ith the view taken by the Bombay High Court in National Rayon Corporation Ltd. 1986 160 ITR 716, which in any event is distinguishable on facts. For the above reasons, we accept the contention of the assessee and answer question No. 1 in the affirmative and in favour of the assessee. There will be no order as to costs. MRS. MONJULA BOSE J.-I agree.
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