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1997 (9) TMI 39 - ALLAHABAD HIGH COURTExtract: .......cantile basis. The Supreme Court referred to its earlier decision in Kedarnath Jute Manufacturing Co. Ltd. v. CIT 1971 82 ITR 363 while stating the above legal position. Following the aforesaid decisions of the Supreme Court both the questions referred to this court are answered in the affirmative, in favour of the assessee and against the Revenue.
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