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1962 (8) TMI 107 - HC - Income TaxExtract: .......3 representing the difference between 3% Government Conversion Loan of 1946 at par and the costs of Government securities held by the assessee and so converted in 1946 must be taken to be the assessable income of the assessee and not capital gain. The assessee must pay the costs of the Commissioner of Income-tax. Certified for two counsel. I agree.
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