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1978 (7) TMI 17 - HC - Income TaxExtract: .......ent. of the assessed income. The Explanation was applicable as a matter of law. We, therefore, answer the first question in the affirmative, in favour of the assessee and against the department, and the second question in the negative, in favour of the department and against the assessee. In the circumstances, the parties will bear their own costs.
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