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1978 (2) TMI 46 - HC - Income TaxExtract: .......za J., my answer to the question of law referred to this court for its opinion is that, upon the facts and in the circumstances of the case, payment of Rs. 30,000 to M/s. Pitty Brothers, Bombay, is not a speculative loss by virtue of Expln. 2 to s. 24(1) of the I.T. Act, 1922, corresponding to s. 43(5) of the 1961 Act, but is a normal trading loss.
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