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1980 (4) TMI 35 - HC - Income TaxExtract: .......duction is Rs. 72,000 and there could not be a deduction out of that amount. Accordingly, disallowance made in a sum of Rs. 12,000 was unwarranted. Therefore, the question is answered in the negative that the Tribunal was not right in disallowing Rs. 12,000 out of the remuneration of Rs. 72,000 paid to the managing director of the assessee-company.
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