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1984 (8) TMI 73 - HC - Income TaxExtract: .......emption reserve is a reserve and not a provision within the meaning of the said Act as also the Companies Act and must be included in the capital in an assessment under the said Act. For the above reasons we answer question No. 1 also in the affirmative and in favour of the assessee. There will be no order as to costs. SUHAS CHANDRA SEN J.-I agree.
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