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1987 (8) TMI 62 - RAJASTHAN HIGH COURTExtract: .......he view taken by the Tribunal about the nature of these payments made by the firm to its two partners and the conclusion that deduction of the same is prohibited by virtue of section 40(b) of the Income-tax Act, 1961, is justified. The reference is, therefore, answered against the assessee and in favour of the Revenue, as indicated above. No costs.
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