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1973 (9) TMI 42 - HC - Income TaxExtract: ....... of the matter, there fore, we answer the question in the negative as under On the facts and circumstances of the case, the applicant was not entitled to substitute the value as on January 1, 1954, as the cost of acquisition of the buildings and machinery. The applicant-company will pay the costs of this reference to the Commissioner of Income-tax.
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