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1992 (9) TMI 50 - HC - Income TaxExtract: .......abilities do not constitute expenditure and cannot be the subject-matter of deduction even under the mercantile system of accounting. In view of this clear decision of the Supreme Court, the question which has been referred to us will have to be answered in the negative, i.e., in favour of the Revenue and against the assessee. No order as to costs.
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