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2001 (3) TMI 82 - HC - Income TaxExtract: .......urers satisfied and to buy the industrial peace and to avoid strike and lock out and therefore such expenditure paid in excess of bonus in the nature of ex gratia payment is allowable as business expenditure under section 37 of the Income-tax Act, 1961. We accordingly answer the reference in favour of the assessee and against the Revenue. No costs.
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