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1 - 4 of 4 (0.19 seconds)Commissioner Of Income-Tax vs Subhulaxmi Mills Ltd. on 20 September, 1995
7.1 In so far as the reliance placed by the assessee on the judgment of the
Hon'ble Supreme Court in the case of CIT vs. Subhulaxmi Mill Ltd., 249 ITR
795(SC) is concerned, the same, in our view, does not help the assessee. The
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ITA No.4363/MUM/2014 (AY. 2010-11)
said decision of the Hon'ble Supreme Court was in relation to the provisions
of section 79 of the Act, which existed prior to the amendment brought in
the Finance Act, 1988, w.e.f. 1/4/1989 whereby clause(b) was removed
Therefore, the said decision is inapplicable in the present case, wherein the
effect of section 79 has to be determined as it exists for the year under
consideration. Therefore, the stand of the assessee is negated and order of
the CIT(A) is hereby affirmed.
The Income Tax Act, 1961
The Companies Act, 1956
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