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1979 (8) TMI 15 - HC - Income TaxExtract: .......Government from 1924 to 1978 was that it should not be subjected to tax. The policy seems to have now changed with the effect that law has to prevail. But this does not preclude a reversion to the former policy if the banks are able to persuade the Government to do so. For the above reasons, the writ petition is dismissed with no order as to costs.
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