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1990 (3) TMI 5 - CALCUTTA HIGH COURT
Extract:
.......ertain companies. Nowhere in the circular has any indication been given that where the only business of a company consists of purchase and sale of shares, the Explanation will not apply. Therefore, both the questions are answered in the negative and in favour of the Revenue. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J. -I agree.
