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1989 (3) TMI 125 - MADHYA PRADESH HIGH COURTExtract: .......assessee to Shri Umraomal in his individual capacity was liable to be disallowed in the hands of the assessee-firm under section 40(b) of the Act. Our answer to the question referred to this court is, therefore, in the negative and in favour of the assessee. In the circumstances of the case, the parties shall bear their own costs of this reference.
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