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1991 (2) TMI 61 - HC - Income TaxExtract: .......sallowed under section 40A(5) of the Income-tax Act ? The assessment year involved is 1972-73. Counsel are agreed that, in view of our court s decision in the case of CIT v. Indokem Private Ltd. 1981 132 ITR 125, both the questions are to be answered in the negative and in favour of the assessee. The questions are so answered. No order as to costs.
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