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Publisher Obunsha Holding Co. should pay 10.7 billion yen in taxes for profits it made in 1995 by selling TV Asahi shares through a Dutch subsidiary, the Tokyo High Court ruled Wednesday, overturning a lower court nullification of the levy.

The Tokyo District Court had ruled in November 2001 that the National Tax Agency could not tax the profits, which were made in 1995, because they were earned before an amendment to the Corporation Tax Law in 1998 made such overseas tax-free deals impossible.

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