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1995 (3) TMI 177 - AT - Income TaxExtract: .......hin the mischief of section 17(3)(i) or (ii) as profits in lieu of salary ignoring the vital facts and the statutory provisions of the Company Law in this regard. Consequently, we set aside the order of the CIT (Appeals) and direct the Assessing Officer to exclude the compensation which is capital in nature. 8. In the result, the appeal is allowed.
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