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2007 (1) TMI 627 - HC - Income TaxExtract: .......ofits and gains arising from the regular business of the assessee in ordinary course. As a result. the appeal is allowed; the orders passed by the Tribunal, CIT(A) and AO are set aside. The AO is directed to recompute the profits and gains of business by considering the loss in question to be business loss and make assessment accordingly. No costs.
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