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1992 (7) TMI 274 - HC - Income TaxExtract: ....... out for the purpose of its business. The ITO, in the assessment order, has not either made out a case that there was extra-commercial consideration in presenting the watches to the employees. 11. We, therefore, answer the third question in the negative (sic) and in favour of the assessee. 12. There will be no order as to costs. Hore, J. - I agree.
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