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1992 (11) TMI 87 - SUPREME COURTExtract: .......bacco Co. Ltd. v. CIT 1981 132 ITR 559. In view of the said decision, question No. 1 must also be answered in the negative. The appeals are, therefore, allowed and the order of the High Court is set aside, and question No. 1 is answered in the negative, i.e., in favour of the Department and against the assessee. There will be no orders as to costs.
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