CORPORATE AND PROFESSIONAL UPDATE DEC 27, 2016

Professional Update for the Day:

90201605264146

Direct Tax:-

  • ITAT Bench Jaipur in the below cited case held that if the assessee has treated the securities as investment and not as stock in trade earlier years, the revenue is not permitted to take a contrary view in the present years to claim that the security is stock in trade. [The DCIT Circle-2 Vs Shri Mahender Kumar Bader]
  • CBDT has issued an Office Memorandum stating that it has set up a committee of high-ranking officials to provide advice on re-engineering the assessment procedure and to arrive at a definite standard assessment procedure through an e-system.

Indirect Tax:-

  • CESTAT Ahemdabad held that the requirement under Rule 6(4A) and 6(4B) of the service tax rules, 1994 to intimate the department regarding adjustment of excess service tax paid is only procedural in nature and such infringement of the procedure is not serious enough to deny the benefit of suo motto adjustment of excess service tax paid. [M/s. L&T Sargent & Lundy Ltd Vs Commissioner of Central Excise & S.T, Vadodara]

GST Update:-

  • In GST Enrollment, Aadhar No of primary Authorized Signatory must be given if we want to use E-sign facility for signing enrolment and other forms.

Other Update:-

  • SEBI has issued circular regarding filing of forms PAS-4 and PAS-5 in case of issuance of Debt Securities on private placement basis.
  • Cheque bounce is a bailable offence under the current law, which enables defaulters to stay away from jail as long as the trial is on, the government could make the law a non-bailable offence.

Key Dates:-

  • Payment of TDS for purchase of property for Nov: 12.2016 .

“Self confidence is a small lamp in a dark tunnel. It does not show everything at once, but gives enough light for the next step.”

“Being happy doesn’t mean that everything is perfect. It means that you’ve decided to look beyond the imperfections.”

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 26, 2016

 

Professional Update for the Day:

annual-compliance-of-a-private-limited-company

Direct Tax:-

  • The Income Tax department clarified that businesses and traders receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services are required to report it to the authorities under Rule 114E of Income Tax Rules, 1962.
  • Supreme Court of India held that where receipt is by way of salary, TDS u/s 192 has to be made and no question of payment of advance tax can arise in cases of receipt by way of ‘salary’ and also s.234B & 234C which levy interest for deferment of advance tax have no application.[Ian Peter Morris Vs ACIT(Supreme Court)]
  • No penalty on sec. 80-IB disallowance when there was excess built-up area resulting from joining of flats after sale Commissioner of Income-tax, Central-1 v. Acme Associates [2016] (Bombay)
    No AE deemed merely due to existence of common directors: Bangalore ITAT Obulapuram Mining Co. (P.) Ltd. v. Deputy Commissioner of Income-tax, Central Circle-1 (3), Bangalore [2016](Bangalore – Trib.)
  • CBDT issued Clarifications on the Direct Tax Dispute Resolution Scheme, 2016 Circular No. 42 of 2016 F.No.142/11/2016.

Indirect Tax:-

  • Bombay High Court held that Section 145A(a)(ii) has no applicability on service revenue which follows that service revenue needs to be inclusive of service tax and the service tax which has not even been claimed as deduction cannot be disallowed by recasting the profit and loss account of the assessee. [CIT Vs Knight Frank India Pvt Ltd ]

GST Update:-

  • Details of all Partners/Members of AOP/BOI have to be given in GST Enrolment Application but photos of only 10 have to be uploaded (jpeg, 100 KB each)

RBI Update:-

  • RBI issued Procedural Guidelines for Servicing the Sovereign Gold Bonds RBI/2016-17/ 193IDMD No.1569/14.04.050/2016-17.

Other Update:-

  • New passport rule: Aadhaar can now be used as date of birth proof. The government on Friday announced that Aadhaar and e-Aadhaar card could be used as proof of date of birth (DOB) while applying for passports.

Key Dates:-

  • Payment of TDS for purchase of property for Nov: 12.2016 .

“Success is nothing more than a few simple disciplines, practiced every day. Don’t speak unless you can improve the silence.”

“You win not by defeating others but by performing better than before.”

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 24, 2016

Professional Update for the Day:

12063638_638617379575160_6969933422362888076_n

Direct Tax:-

  • Dolarrai Hemani vs. ITO (ITAT Kolkata) Penny Stocks: The fact that the stock is thinly traded and there is unusually high gain is not sufficient to treat the long-term capital gains as bogus when all the paper work is in order. The revenue has to bring material on record to support its finding that there has been collusion/connivance between the broker and the assessee for the introduction of its unaccounted money.
  • Calendar year to be considered instead of previous year to reckon exp. of amalgamating co. under sec. 72A Deputy Commissioner of Income-tax, Circle-8, Kolkata v. Unique International (P.) Ltd. [2016](Kolkata – Trib.)
  • Central Board of Direct Taxes identifies 67.54 lakh income tax non-filers for the Financial Year 2015 who carried out high value transactions in 2014-15 but did not file return of income.

Indirect Tax:-

  • CESTAT Delhi held that the definition of clearing & forwarding agent nowhere requires the clearing to be effected from the factory and even if the assessee is not clearing the goods from the factory and engaged in activities that are of the nature of clearing & forwarding agent, service tax is required to be levied under the category of Clearing & forwarding Agent. [Somani Agencies Vs CCE & ST, Indore]

MCA Update:-

  • MCA has revised the version of e-forms: Form IEPF-5, Form CG-1, Form PAS-3, Form MSC-1, Form MGT-14 and Form AOC-4.

Other Update:-

  • SEBI advises caution to customers in the matter of PACL- the Committee constituted by the SEBI under Chairmanship of Justice (Retd.) R. M.Lodha.

Key Dates:-

  • Payment of TDS for purchase of property for Nov: 12.2016 .

“Patience is a great quality. We should learn it from the sun and the moon.  Both patiently wait for their turn and each one gets its chance to shine fully.”

“There is no chance, no destiny, no fate, that can hinder or control the firm resolve of a determined soul.”

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 23,2016

 

Professional Update For the Day:

12020007_637530096350555_1152480212943063681_n

Direct Tax:-

  • CBDT has issued a circular via circular no. 41 of 2016 dated 21st December, 2016 regarding clarifications on Indirect Transfer Provisions contained in section 9(1)(i) of the Income Tax Act, 1961.
  • Mihir Jayendra Thakore Vs DCIT Whether in case the previous AO has allowed certain claim but the subsequent officer believes that AO ought to have disallowed such claim, this belief has to be construed as a change of opinion on the basis of which a reassessment cannot be made – YES: HC – Assessee’s appeal allowed : GUJARAT HIGH COURT.

Indirect Tax:-

  • CESTAT Mumbai in the below cited case held that the benefit on export of goods cannot be denied on the mere fact that the goods got damaged, re- processed again after some time and then exported by the assessee. [Uniworth Textiles Ltd. Vs Commissioner of Central Excise, Nagpur]
  • Vikhroli Corporate Park Vs CST ST – If appellant is discharging ST liability on the output services under the category of “Renting of Immovable property” , there is no reason for denial of CENVAT credit on various inputs and input services used in relation to building of such commercial property; Interest-free security deposit, notional interest thereon is held to be non-taxable; no tax liability arises on the earnest money which was forfeited .Appeal disposed of : MUMBAI CESTAT

GST Update:-

  • The GST Council finalized 197 clauses of the Central GST and State GST laws. In doing so, the Council has given final shape to these GST laws.

Other Update:-

  • SEBI has decided that the depositories shall provide the transaction data of promoters/ promoter group on a daily basis directly to the stock exchanges for dissemination of the necessary disclosures.

Key Dates:-

  • Payment of TDS for purchase of property for Nov  : 12.2016

 “If you think positively sound become music, movement becomes dance, smile becomes laughter, mind becomes meditation and life becomes a celebration.”

“Living in the favourable and unfavourable situation is called “PART OF LIFE” but smiling in all those situations is called “ART OF LIFE”.”

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All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 22,2016

Professional Update for the Day:

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Direct Tax:-

  • ITAT Mumbai held that the surplus/savings arising on prepayment of deferred cannot be taxed u/s 28(iv) as by making prepayment of future liability at present value no monetary benefit arises to assessee as the savings it made by prepayment would get set off against the interest it loses by making prepayment. [Grindwell Norton Ltd. Vs Addl. CIT]

Indirect Tax:-

  • CESTAT Chennai held that the Domestic Tariff Area (DTA) unit having paid the service tax on reverse charge mechanism on behalf of SEZ unit of the company, the portion of such tax attributable to the SEZ is denied by the adjudicating authority to avail CENVAT credit thereof. [M/s. Carborundum Universal Ltd. Vs CCE, LTU]

GST UPDATE:-

  • Registration details of VAT, CST, Service Tax, Excise, IEC No, CIN/LLPIN, Entry tax, Entertainment Tax etc have to be given in GST Enrolment.

MCA update:-

  • MCA to withdraw eforms -INC-2 & INC-7 shortly. Stakeholders are advised to use SPICe forms- SPICe, SPICe eMoA & SPICe eAoA accordingly.

RBI Update:-

  • Reserve Bank has withdrawn its rule issued on Monday that imposed restrictions on deposits of old notes worth more than Rs.5000 before December 30 after being vilified for it.

Other Update:-

  • NIRC of ICAI is organizing a Seminar on IND AS on 24 December (Sat) at 9.45 AM at NDMC Convention Centre, CP, Delhi. Pay at www.nircseminars.org.

Key Dates:-

  • Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016

“Always have a successful exit than a favorable entrance because what matters is not being clapped when we arrive but being remembered when we leave.”

“Always keep the Communication regular, because what disturbs the most is not the “Noise” of the strangers but the “Silence” of dear ones.”

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All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 21,2016

Professional Update For the Day:

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Direct Tax:-

  • ITAT Delhi held that the Long-term capital gain earned by the assessee non resident on off market sale of shares of listed Indian Company is taxable @ 10% under the proviso to section 112 and proviso to section 112(1) does not state that an assessee, who avails benefit of the first proviso to section 48, is not entitled to the benefit of lower rate of tax at 10%. [DDIT Vs Mitsubishi Motors Corporation]

Indirect Tax:-

  • Ministry of Finance (Department of Revenue) has notified via notification no. 53/2016dated 19thDecember, 2016 to amend Service Tax Rules, 1994 so as to allow a person located in non taxable territory providing online information and database access or retrieval services to a non-assessee online recipient to issue online invoices not authenticated by means of a digital signature for a period upto 31st January, 2017.
  • CESTAT Mumbai held that CENVAT credit of goods and services used to build an immovable property can be availed when such property has been given on rent and service tax liability is discharged on such rent received. [Nirlon Ltd. Vs Commissioner of Central Excise].

ESIC Update:-

  • ESIC: Employees & Employers Contribution rate reduced to 1% & 3%.

Other Update:-

  • PAN mandatory if credit in your account after 9/11/2016 is more than Rs 2,00,000 including cheque credit/online transfer /cash deposit or credit by any other means and your account balance is more than Rs 5,00,000 then no debit transaction shall be allowed without PAN.
  • ICAI has asked the government to put in place a more transparent process in selecting auditors in banks, saying its demand is particularly relevant in the context of high probability of frauds in the lending institutions in the aftermath of demonetisation.

Key Dates:-

  • E- Payment of DVAT & CST for Nov: 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov: 22.12.2016.

“When you are in the light, everything follows you. But when you enter into the dark, even your own shadow doesn’t follow you.”

“Success does not consist in never making mistakes but in never making the same one a second time.”

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 20,2016

 

Professional Update For the Day:

Naming-Your-New-Business-750x422

Direct Tax:-

  • CBDT has decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17. However, the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in cash.
  • SC: Dismisses Revenue’s SLP challenging grant of Sec.80IB housing deduction on ‘part project’ [TS-659-SC-2016]

Indirect Tax:-

  • CESTAT : Allows CENVAT credit refund; Mandap-keeper, health & fitness services ‘relate to business’ –[TS-505-CESTAT- 2016-ST]
  • DVAT has issued circular regarding Communication of the provisional Identification Number and Password to dealers registered with VAT department for migration to GST from 16th December, 2016 to 31st December, 2016 Vide Circular No.  No. JCTT/Policy/2016/751-769 dated 14.12.2016.

GST UPDATE:-

  • Migrated Taxpayers not liable for registration under GST shall apply online in Form GST REG-24 for cancellation of registration.

RBI update:-

  • RBI issued instructions that tenders of SBNs in excess of Rs.5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.

ESIC Update:-

  • ESIC Rate Chang to 3% from 4.75% for employers, it’s  applicable from this month onwards. It has also chang for employees from 1.75% to 1%  as monthly contribution.

Other Update:-

  • Last date for compliance of CPE hours requirement for the year 2016 has been extended from 31st Dec 2016 to 31st Jan 2017.

Key Dates:-

  • E- Payment of DVAT & CST for Nov : 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016.

“Ordinary people merely think how they shall spend their time; a man of talent tries to use it.

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 19,2016

Professional Update For the Day:

12742418_685376608232570_407065997594926807_n

Direct Tax:-

  • CBDT warns of penal action if I-T returns are ‘drastically’ changed against misusing the provision of revised tax returns in a bid to legalize their unaccounted income following the demonetization of high-value old currency notes.
  • Form 1 (PMGKY, 2016) is available for e-Filing. A declaration of income in the form of cash or deposit in an account maintained with a specified entity and the amount deposited in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.
  • HC : Revenue not debarred from making Sec.14A disallowance absent express recording of dissatisfaction  [TS-643-HC- 2016(DEL)].

Indirect Tax:-

  • Indirect tax assessments not to be reopened if turnover rises in a circular to excise and service tax chief commissioners, the Central Board of Excise and Customs (CBEC) said.
  • CESTAT : Personal security provided by the State Police department cannot be considered to be in nature of security agency services. Held that Business is not an activity undertaken with the intent of earning profit and the charges recovered by the assessee who is a state police department, are in the nature of cost recovery for the additional police force deployed on request for maintaining security and law and order. Thus, activities undertaken by assessee cannot be held to be in the nature of business activity.  [TS-500-CESTAT- 2016-ST].

GST UPDATE:-

  • GST Enrolment, give principal & additional places of business  for state for which migration is done & not those in other states.

Other Update:-

  • India and Switzerland signed the ‘Joint Declaration’ for implementation of Automatic Exchange of Information (AEOI) on 22.11.2016;
  • Securities Exchange Board of India (SEBI) lays down principles of financial market infra for commodity exchanges.

Key Dates:-

  • E- Payment of DVAT & CST for Nov : 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016.

“A Satisfied life is better than a Successful life because our success is measured by others. But our satisfaction is measured by our own soul, mind & heart.”

“Ability is a good thing but stability is even better. The only reason why the earth has gravity is to remind us to keep our feet on the ground in all situations of our life.”

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 17, 2016

 

Professional Update for the Day:

shutterstock_523561387

Direct Tax:-

  • Delhi High Court held that assessment proceedings to be invalid against the assessee in those cases where the assessee ceased to have legal existence on account of amalgamation with another entity on a date even prior to search. Because when the assessee ceased to have existence even on the date of search, no notice as a result of search can be issued in its name. [CIT Vs Indu Surveyors & Loss Assessors P. Ltd.].
  • 147 reopening opens a “Pandora’s box” and cannot be done in a casual manner. The reasons cannot be based on mere doubts or with a view to verify basic facts. If the AO takes the view that the income referred to in the reasons has not escaped assessment, he loses jurisdiction to assess other escaped income that comes to his notice during reassessment Torm Shipping India Pvt Ltd vs. ITO (ITAT Mumbai).

Indirect Tax:-

  • CESTAT Chennai in the below cited case held that merely because assessee has not reverse credit attributable to provision of exempted services would not disentitle it to claim credit which is otherwise available in respect of input services used in provision of taxable services. [SIFY Technologies ltd. Vs Commissioner of Service Tax, LTU Chennai].

Companies Act  Update:-

  • MCA has issued the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 which shall be come into force with effect from 15th December, 2016.

GST Update:-

  • VAT Dealers of Chandigarh, Delhi, Haryana, Himachal, J&K, Punjab, Rajasthan, Uttarakhand & UP start Enrolment at www.gst.gov.in w.e.f. 16 Dec 2016.
  • In Revised Draft GST Law, Securities has been excluded from definitions of Goods & Services. So no GST will be applicable on shares, bonds etc.

RBI Update:-

  • RBI has advised all the Regulated Entities (REs) to strictly comply with the extant instructions stipulated in the Master Direction on Know Your Customer (KYC).

Other Update:-

  • Pradhan Mantri Garib Kalyan Yojna where in 50% tax, surcharge, penalty and 25% deposit for four years is stipulated for disclosure of cash or deposit in bank, shall come into force from 17-12-2016 and shall be in force till 31-03-2017. [Notification No. 115/2016 dated 16-12-2016].
  • The Insolvency and Bankruptcy Board of India notifies Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 notified.

Key Dates:-

  • E- Payment of DVAT & CST for Nov : 12.2016
  • Issue of DVAT Certificate for Deduction made in Nov : 12.2016

“Deal with your problems before they deal with your happiness. Most important time to hold our temper is, when the other person has lost.”

“A fantastic sentence written on every Japanese bus stop: “Only buses will stop here, not your time. So keep walking towards your goal.” Time never waits; you have to run, to catch up with time.”

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All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 16, 2016

Professional Update for the Day:

980866_1587882121533576_141960968038491886_o

Direct Tax:-

  • CBDT clarified that filing of revised return cannot be used as the tool for manipulating the figures of income, cash-in-hand, profits etc. with an intention to show the current year’s undisclosed income in the earlier return.
  • ITAT Mumbai held that CIT cannot revise assessment for making a fresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised. [M/s Rachana Finance & Investment Pvt. Ltd. Vs CIT]

  Indirect Tax:-

  • Supreme Court held that the power of Sales Tax Commissioner to extend the time to pass an order on assessment is to be exercised before the normal period period of assessment expires.[State of Punjab & Ors. Vs M/s Shreyans Indus. Ltd. Etc.]

Companies Act  Update:-

  • MCA has revised the version of e-forms: Form INC-18, Form DIR-3 and Form MGT-14 with effect from 17th Dec’ 2016.

Other Update:-

  • Bombay High Court in Khandelwal Lab Pvt. Ltd vs. DCIT has directed the department to redeposit moneys collected illegally by attachment of assessee’s bank account during pendency of stay application u/s 220(6).
  • Legal profession is not a commercial activity – Running of office by an Advocate in a building cannot be termed as Commercial activity – Electricity rates fixed for Commercial user cannot be charged. SUPREME COURT OF INDIA before: – Arijit Pasayat & H.K. Sema, JJ.

Key Dates:-

  • E- Payment of DVAT & CST for Nov : 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016.

“ Success and Excuses do not travel together, if you want excuses forget about success and if you want success don’t give excuses.”

“Stress is the gap between our Expectation and Reality. More the gap, more the stress, so expect nothing and accept everything.”

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