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1968 (10) TMI 15 - DELHI HIGH COURTManaging agency firm (assessee-firm) was to receive towards remuneration 15% of the net profits of the managed company or Rs.25,000, whichever is larger - there was no actual waiver in respect of the sum of Rs.25,000 by the assessee firm - sum of Rs. 25,000 was assessable in the hands of the assessee as its income
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