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1977 (7) TMI 20 - HC - Income TaxExtract: .......ute between the parties. Therefore, in view of the aforesaid settled legal position of Elecon Engineering Co.'s case 1974 96 ITR 672 (Guj), our answer for the second question must be in the affirmative, that is to say, in favour of the assessee and against the revenue. Accordingly, the present reference is disposed of with no order as to costs.
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