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2007 (3) TMI 237 - HC - Income TaxDeduction claimed for various expenses disallowed - Tribunal has recorded a categorical finding of fact that the assessee did not carry any business in relevant accounting year - In these circumstances, when the assessee did not carry any business, the question of allowing deduction on account of salary, bonus, etc., to the employees and other staff did not arise - Tribunal has rightly disallowed the loss/expenditure claimed by the assessee – assessee’s appeal dismissed
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