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The High Court of Kerala directed the Appellate Tribunal to refer a common question of law regarding the adjustment of secured loans and provision for taxation against the value of investments for surtax assessment under the Companies (Profits) Surtax Act. The Tribunal's decision in favor of the assessee was challenged by the Revenue, leading to the court's order for reference. The original petitions were allowed, and the Registrar was instructed to send a copy of the judgment to the Income-tax Appellate Tribunal, Cochin Bench.
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