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1987 (11) TMI 51 - HC - Income TaxExtract: .......was held to be Rs. 72,000. Another decision cited is that of the Kerala High Court in Travancore Rayons Ltd. v. CIT 1986 162 ITR 732. In this case too, it was held that in the case of a director-employee, the total amount expended upon him, as also the salary paid to him, cannot exceed the maximum of Rs. 72,000. There shall be no order as to costs.
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