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1981 (9) TMI 152 - ITAT BOMBAY-AExtract: .......re also directors of the limited company, no other material has been brought out to show that there had been collusion. Merely because they were directors in the assessee firm, it cannot be inferred that there was collusion. We would, therefore, hold that the CIT (A) was right in his findings. 6. In the result, the departmental appeal is dismissed.
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