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1997 (2) TMI 567 - AT - Income TaxExtract: .......ness of the issue and expenditure on gifts as claimed by the General Manager cannot be ruled out, we reduce the disallowance to ₹ 8,000 on estimate basis as against ₹ 15,857 effected by the Assessing Officer. The appeal is partly allowed. 12. In the result, the appeal of the assessee is allowed and that of the Revenue is partly allowed.
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