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1986 (11) TMI 137 - AT - Income TaxExtract: .......to the tune of 20 per cent of the profits as per its profits and loss account without taking into account the depreciation and excluding the provision for income-tax as well as the investment allowance. The ITO is directed to recompute the claim in accordance with the observations made above. 3. In the result, the appeal of the assessee is allowed.
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