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1977 (7) TMI 34 - HC - Income TaxExtract: .......menable to only one meaning, the reserve could not be reduced to the extent of its capitalised value and the paid-up capital was to be boosted up so as to increase the capital base. In this view of the matter, the question referred to us is answered in the affirmative and in favour of the assessee. The department will pay the costs of the assessee.
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