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1981 (2) TMI 42 - HC - Income TaxExtract: .......sessee within the meaning of s. 2(14) of the Act, and therefore, the profits and gains arising from the sale of the same were liable to tax under s. 45 of the Act. Our answer, therefore, to the question referred to us is in the affirmative and in favour of the assessee. In the circumstances, the parties shall bear their own costs of this reference.
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