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1975 (12) TMI 42 - HC - Income TaxExtract: .......o add. BY THE COURT.--The question referred to us is answered as follows The Tribunal was justified in holding that the surplus of Rs. 46,876 from the sale of land was not assessable as profits arising from an adventure in the nature of trade. Each party to bear its own costs of the reference, as the assessee has not seriously pressed for the same.
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