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1976 (7) TMI 59 - HC - Income TaxExtract: .......ers were entitled to substitute the fair market value of the goodwill as on January 1, 1954, under the third proviso to section 12B(2) of the Act. In the result, the question referred to us is answered in the affirmative and in favour of the assessee. Revenue will pay the costs of the reference to the assessee. Question answered in the affirmative.
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