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The Macchi C202 - A technical guide by Maurizio Di Terlizzi. I have several books on Italian fighters but so far this is the only Second World War photo. I have looked at the picture again and yes you are right. The underwing emblem is a post armistice roundall!
If I come across any further pictures I will of course post them.
Not sure if you are still interested, it I came across the below photograph in Nicola Malizia’s excellent book Fiat G50 published by IBN Editore. Unfortunately, there is no further info in the text.