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1994 (7) TMI 37 - HC - Income TaxExtract: .......e one hand and the business perspective of the firm on the other and, therefore, the same was not allowable as business expenditure under section 37(1) of the Income-tax Act and only 50 per cent. deduction under section 80G was allowable. Consequently, the reference is answered in favour of the Revenue and against the assessee. No order as to cost.
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