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1974 (7) TMI 51 - MADRAS HIGH COURTExtract: .......stion referred to us does not warrant any consideration as to whether the distribution of the capital gain was a prudent action of the directors and, therefore, the non-declaration could not be said to be unreasonable. For the foregoing reasons, we answer the reference in the affirmative and against the assessee, with costs. Counsel s fee, Rs. 250.
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