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1973 (12) TMI 24 - HC - Income TaxExtract: .......ansferred the asset would be excluded from the clutches of section 41(2) of the Income-tax Act, 1961. For the foregoing reasons, we hold that the sum of Rs. 6,098 is includible as profit under section 41(2). Accordingly, we answer the reference in the negative and in favour of the revenue. Revenue will be entitled to its costs. Counsel fee Rs. 250.
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