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2003 (3) TMI 16 - KERALA HIGH COURT"Whether, Tribunal is right in law in holding that for the purpose of section 40(b), the remuneration payable to the partners in terms of clause 13 of the partnership deed is to be worked out on the basis of the net profit without deducting the income-tax liability?" - We answer the question referred in the affirmative, that is, in favour of the assessee and against the Revenue.
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