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1973 (6) TMI 2 - KERALA HIGH COURTThe Income-tax Officer held that the assessee sold away the assets which were previously used for his business in respect of which depreciation was allowed and in the transaction of sale to the company he realised a profit of Rs. 61,330. - " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the sum of Rs. 61,330 is assessable under section 10(2)(vii) of the Indian Income-tax Act, 1922 ? "
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