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2015 (5) TMI 119 - HC - Income TaxAppeal admitted by the High Court on the following grounds: (1) Whether on the facts andin the circumstances of the case and in law, the ITAT was right in holding that notional sales tax exemption amount of ₹ 38,62,33,200/- is a capital receipt not liable to income tax? (2) Whether on the facts and in the circumstances of the case and in law, the ITAT was right in allowing as a revenue deduction the contribution of ₹ 40,25,388/- made by the Assessee Company to various clubs ran by and meant for the staff and their families at various places even though such expenditure was not allowable under section 40A(9) of the Income Tax Act?"
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