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2009 (3) TMI 420 - RAJASTHAN HIGH COURTDeduction under section 2(m)(iii) – settlement – Whether on the facts and circumstances of the case, the Tribunal was justified in holding that the tax liability of Rs.10, 76, 380 resulting on account of settlement pertaining to the assessment years 1958-59 to 1971-72 arrived at with the Commissioner of Income-tax on March 24, 1975, was allowable as a deduction under section 2(m)(iii) of the Wealth-tax Act, 1957? The assessee was an industrial undertaking within the meaning of the Explanation to section 5(1)(xxxi) of the Wealth Tax Act, 1957. Held that- the assessee is an industrial undertaking entitled for exemption under section 5(1)(xxxii) of the act and accordingly uphold the conclusion arrives at by the Ld. Commissioner (Appeals) though for different reason. The reference is disposed of. – Decision in favour of assessee – against the revenue.
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