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1976 (12) TMI 9 - HC - Income TaxExtract: ....... amount of Rs. 1,86,000 outstanding in the account of Palanpur Co. could be allowed in determining the assessee s business profit for the relevant assessment year. In this view of the matter, the question referred to us is answered in the affirmative and in favour of the assessee-company. Revenue will pay the costs of the reference to the assessee.
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