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1976 (10) TMI 33 - HC - Income TaxExtract: .......rived by a firm in pursuance of the sale of a capital asset owned or held by the firm is exigible to tax in accordance with the relevant provisions of the Act. We are in respectful agreement with this view. For the reasons mentioned above, we answer the question in favour of the revenue and against the assessee. There would be no order as to costs.
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