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1981 (3) TMI 59 - HC - Income TaxExtract: .......follows The Tribunal was not right in law in holding that tax credits under s. 280ZB of the I.T. Act, 1961, issued to the assessee for the assessment years 1966-67 to 1970-71, were in the nature of income requiring reduction of capital by the application of r. 4 of the Second Schedule to the C. (P.) S. T. Act, 1964, for the assessment year 1973-74.
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