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1978 (1) TMI 11 - HC - Income TaxExtract: ....... in holding that the firm is entitled to its registration on the ground that it shall be presumed that the losses are to be shared in proportion to the capital contribution by the major partners. Accordingly, we answer the reference against the assessee and in favour of the revenue. The revenue will be entitled to its costs. Counsel s fee, Rs. 250.
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