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1965 (12) TMI 7 - HC - Income TaxPartition - business assets received - ready gold account was not kept separate. The closing balance each year in the gold account was worked out at the end of each year by taking all the debt and credit entries in the entire gold account and treating them as one - held that the sale of three patlas of gold amounted to business so that any excess of the sale proceeds over the cost price could represent the assessable profit
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