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1980 (8) TMI 5 - HC - Income TaxExtract: .......tstanding claims cannot be regarded as a fund, surplus or reserve within the meaning of r. 2(ii) of the Second Schedule to the same Act. Following the Full Bench decision, we must answer this question also against the assessee. In the result, the reference is answered accordingly. The Department will have its costs. Counsel s fee Rs. 500 (one set).
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