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1993 (12) TMI 39 - BOMBAY HIGH COURTExtract: ....... of both section 40(c)(i) and section 40A(5) are applicable. For the reasons set out above, the retirement gratuity paid to Mr. Kodikal, the chairman-cum-fulltime director of the assessee-company is not covered by either of these sections (b) The second question is answered in the affirmative and in favour of the assessee. (c) No order as to costs.
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