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1980 (3) TMI 68 - HC - Income TaxExtract: ....... assessee of the accounting year for which the books are maintained (See 7th Edn., Vol. I of Palkhivala s Income Tax Act, at page 610, s. 68 under the heading Cash credit on first day of accounting year ). In the premises, we answer the question in the negative and in favour of the revenue. There will be no order as to costs. R. N. PYNE J.-I agree.
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