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2022 (11) TMI 1133 - ITAT NAGPURValidity of section 148/147 proceedings - Addition u/s 41(1) cessation of liability by way of waiver of loan amount and short term capital gains - HELD THAT:- We find no merit in the Revenue’s instant arguments once there is no finding of fact at all; either recorded by the AO or CIT(A), that any of the assessee’s expenditure or liabilities claimed as revenue items in earlier assessment years, have undergone cessation or remission as the case may be, in the relevant previous year. We, thus, reject Revenue’s contentions both on validity of reopening as well as on merits so far as this first and foremost issue of section 41(1) addition is concerned. The factual position would hardly be any different regarding the later issue of alleged short term capital gains addition wherein the CIT(A) has noted the AO’s section 154 computation itself has correctly started the computation of income from the computation of income as per order u/ s 154 - ACIT, Circle-2, has erroneously considered the amount of STCG as per original return while making computation in the order u/s 143(3) r.w.s.147. Therefore, the same is directed to be deleted.
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