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1973 (9) TMI 24 - HC - Income TaxExtract: .......e, constitute reserve. It is, indeed, a provision for meeting an existing liability and not a reserve for any future contingency. The question No. 2, therefore, has to be answered in the affirmative, in favour of the revenue and against the assessee and the said question is answered accordingly. There will be no order as to costs. HAZRA J.-I agree.
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