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2001 (10) TMI 1167 - AT - Income TaxExtract: .......pplicability of section 40(b). Therefore, in our opinion, the Assessing Officer was fully justified in holding that the payments made by the assessee to EE and KM & Co. were effectively payments made to partners and rightly disallowed the same by invoking section 40(b) of the I.T. Act. 5. In the result, the assessee’s appeal is dismissed.
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