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1994 (10) TMI 53 - HC - Income TaxExtract: ....... not penal in nature and, therefore, the assessee is entitled to claim deduction under section 37(1) of the Income-tax Act. Thus, questions Nos. 1 to 3 in Incometax Reference No. 24 of 1985 and questions Nos. 1 and 2 in Income-tax References Nos. 492 and 493 of 1985 are answered in the affirmative, in favour of the assessee and against the Revenue.
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