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1992 (11) TMI 14 - CALCUTTA HIGH COURTExtract: .......d to the profit and loss account are properly taxable under section 41(1) of the Act as income arising from cessation or remission of liabilities. For the reasons aforesaid, we answer the question in this reference in the affirmative and in favour of Revenue and against the assessee. There will be no order as to costs. SHYAMAL KUMAR SEN J.-I agree.
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