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1982 (12) TMI 83 - ITAT JAIPURExtract: ....... When a firm taking the properties on lease and sub-letting them further, can be said to have carried on business activity, then why not the assessee-firm, who purchased the land, arranged the finances, raised the constructions and then let out the same. On these facts, we completely agree with the view taken by the AAC. 3. The appeal is dismissed.
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