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1977 (6) TMI 26 - HC - Income Tax
Extract:
.......ent within the meaning of section 48 read with section 55(1)(b) of the Act and that the assessee was not entitled to get a deduction of anything more than what was already allowed by the Income-tax Officer. All the questions are thus answered against the assessee and in favour of the department. We direct the parties to bear their respective costs.