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1981 (9) TMI 89 - BOMBAY HIGH COURTExtract: ....... entertainment expenditure as laid down in s. 37(2) is to be applied to the entire business income of the assessee inclusive of share income from joint venture partnership. It is made clear that the dividends, interest on securites and capital gains will be required to be excluded. The Commissioner to pay the costs of the reference to the assessee.
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