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1959 (7) TMI 62 - HC - Income TaxExtract: .......o long as the lease or the quota system continued whichever was the later date. In our view, the answer to the question referred to us will be "The sum of ₹ 60,000 received by the assessee-company from K.R. Irani is a revenue receipt and liable to the appropriate tax." The assessee to pay the costs of the Commissioner of Income-tax.
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