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2010 (4) TMI 821 - AT - Income TaxDissallowance-The assessee-company had neither carried out any manufacturing activities nor made any sales but claimed the expenses to the tune of Rs. 13,41,135 on account of salary, depreciation, etc. - Held that:- The facts are similar to Sassoon J. David & Co. (P.) Ltd (1979 -TMI - 5203 - SUPREME Court) the assessee-company was neither dissolved nor its business was closed and was holding regular meeting of its directors and also filing the return, the expenses claimed by the assessee are allowable as rightly held by the learned first appellate authority.
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