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1945 (4) TMI 19 - HC - Income TaxExtract: .......he Indian Income-tax Act. On that footing, there could be no commencement of any business as such after July 1, 1938, so as to attract the applications of the 2nd proviso to Section 2(21) of the Excess Profits Tax Act. We answer the reference accordingly. The assessees' applications made under Sections 66(2) of the Income-tax Act are dismissed.
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