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1993 (3) TMI 59 - BOMBAY HIGH COURTExtract: .......general reserves. Therefore, the general reserves of the company on the first day of the previous year are not affected in any manner by the application of rule 3. Question No. 1 which is referred to us at the instance of the assessee is answered in the negative and against the assessee. The questions are answered accordingly. No order as to costs.
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