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2007 (1) TMI 163 - HC - Income TaxAssessee claimed an expenditure as lease rental payable to various finance companies – assessing authority noted that assessee had inflated the claim on the value of cost of acquisition on steel rolls, so claim was restricted – Commissioner partly allowed the claim of assessee – tribunal was justified in noting that cost of steel rolls had not been referred for any valuation – tribunal was right in allowing claim by relying on confidential note by Deputy Commissioner for subsequent A.Y
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