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1993 (7) TMI 20 - BOMBAY HIGH COURTExtract: .......ck by making a claim for deduction by way of embezzlement by the managing director. This could not be legally allowed and the Tribunal was right in disallowing the claim. Hence, question No. 1 is answered in the affirmative and in favour of the Revenue. In view of this answer, questions Nos. 2 and 3 do not arise. There will be no order as to costs.
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