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1972 (7) TMI 16 - MADRAS HIGH COURT
Assessee, a managing agent used company cars - Income-tax Officer, Coimbatore, who made the assessment on the company for the said years disallowed a portion of the company's claim on the ground that the cars were partly used by the managing agents of the company for their private purposes. – as it was found that the unauthorised use was by the assessees as managing agents and not as directors, the provisions of section 2(6C)(iii) cannot be applied.