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2008 (2) TMI 495 - AT - Income TaxExtract: .......tax and expenditure tax within the meaning of the term expenditure , whereas the said taxes have to be excluded from the chargeable expenditure . We find merit in the contention of the assessee. The AO is directed to recompute the chargeable expenditure and levy tax as per law. 10. In the result, the appeals filed by the Revenue are partly allowed.
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