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High Court Rules Excise Duty as Allowable Business Expense; Rejects Tax Evasion Claims by Assessing Officer.

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....Allowable business expenditure - excise duty levied by the Custom & Central Excise Settlement Commission - AO's determination that the payment was made by the assessee on behalf of contract manufacturers as a part of a collusive attempt to evade tax baseless - HC....

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High Court Rules Excise Duty as Allowable Business Expense; Rejects Tax Evasion Claims by Assessing Officer.