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1978 (12) TMI 16 - HC - Income TaxExtract: ....... s taxable income would also be exempted. In our view, the scheme of the Act and the scheme of the amalgamation did not envisage this conclusion. For the above reasons we accept the contentions of the revenue. We answer the question in the affirmative and in favour of the revenue. There will be no order as to costs. BIMAL CHANDRA BASAK J.--I agree.
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