1989 (9) TMI 74

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Full Text of the Document

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....(2) of the Income-tax Act, 1961 (hereinafter referred to as the "Act"). The material facts giving rise to this reference briefly are as follows The assessee carries on the business of manufacture and sale of bidis. While framing the assessment for the assessment year 1976-77, the Income-tax Officer disallowed the claim made by the assessee for deduction of a sum of Rs. 2,03,722 for holiday wages ....