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1997 (9) TMI 91 - MADHYA PRADESH HIGH COURTExtract: .......e set off has to be given of either of the two and whichever is less therefore, in our opinion, the depreciation and loss have to be worked out in terms of the borrowed Act, i.e., under section 205(1)(b) of the Companies Act and not under the Income-tax Act. Hence, we answer the aforesaid questions in favour of the Revenue and against the assessee.
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