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1980 (9) TMI 145 - ITAT MADRAS-BExtract: .......t . 41,500 Less Interest at 12 per cent on Capital 4,968 . Managerial remuneration Rs. 1,000 p.m. 12,000 16,968 . . 24,532 3 times capitalised 73,596 . . 80 per cent of the above 58,878 . Less Basic exemption 5,000 . Taxable gift . 53,877 We direct that the assessment be modified taking the taxable gift as Rs. 53,877. The appeal is allowed in part.
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