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1980 (7) TMI 98 - HC - Income TaxExtract: .......37(1) if the requirements thereunder were satisfied. There is no dispute that the expenditure was wholly and exclusively for the Purpose of business. Therefore, it was deductible in computing the income chargeable under the head Profits and gains of business Accordingly, we answer both the questions in the affirmative and in favour of the assessee.
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