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1986 (6) TMI 35 - HC - Income Tax
Extract:
.......he presumption that the income-tax had, in fact, been paid out of the profits and not out of the borrowings. For the reasons as above, we answer question No. 1 returned at the instance of the assessee in the negative and in favour of the assessee. The reference is disposed of accordingly. There will be no order as to costs. MONJULA BOSE J.-I agree.