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1963 (6) TMI 34 - HC - Income TaxExtract: ....... on the other ground indicated by us. In the premises, the answers to the questions referred to us shall be as follows (1) The loss suffered by the assessee in transactions of hessian and B-Twills was a business loss on the ground that these were adventures in the nature of trade. (2) No. Each party will bear and pay its own costs of the reference.
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