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1968 (7) TMI 9 - RAJASTHAN HIGH COURTIn view of loss incurred by assessee company its managing agent relinquished their right to remuneration - Assessee company subsequently made profits and paid to its managing agent Rs. 60,000 over and above their usual remuneration - held that Tribunal was right in disallowing the payment of Rs. 60,000 u/s 10(2)(xv) and/or section 10(1)
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