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1988 (4) TMI 110 - ITAT DELHI-CExtract: ....... cannot be said to be a company, whose resources are inadequate or whose profits are inadequate or dividend could not be declared in view of the past losses. We are therefore of the opinion that the authorities below have correctly applied the provisions of s. 104 except to the extent of the rate of tax. 11. The appeal is therefore allowed in part.
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