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2004 (11) TMI 291 - AT - Income TaxExtract: .......so in the light of CBDT Circular No. 700, dt.23rd March, 1995. Accordingly, we modify the directions of the CIT(A) and restore the matter to the AO to adjudicate this issue of deductions independently in the light of the ratios laid down in the aforesaid cases. 10. In the result, the appeal of the Revenue is partly allowed for statistical purposes.
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