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1979 (8) TMI 33 - MADRAS HIGH COURTExtract: .......l 1, 1964. Applying the above reasoning, in the present case, the cost of acquisition of the assets should be taken at the value at which they appeared in the books of the firm as on July 1, 1962. That is the cost to the assessee. The question is acccordingly answered in the negative and in favour of the revenue. There will be no order as to costs.
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