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1998 (2) TMI 40 - HC - Income TaxExtract: .......g that the provisions of section 37(2B) of the Act did not apply to the expenditure incurred by the assessee. As per the amendment the expenditure is not allowable as a business expenditure. Accordingly, we answer both the questions of law referred to us at the instance of the Revenue, in favour of the Department and against the assessee. No costs.
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