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1976 (6) TMI 71 - HC - Income TaxExtract: .......anager and therefore it is doubtful whether section 40(b) can be made applicable to interest paid in respect of the amount advanced by the manager in his personal and individual capacity. Thus the Tribunal was right in taking the view that powers of rectification under section 154 cannot be exercised. Accordingly, the Rule is discharged with costs.
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