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2004 (7) TMI 597 - AT - Income TaxExtract: .......was shown by the assessee as a trade liability. Once the trade liability is ceased to exist, it becomes an income of the assessee under the provisions of section 41(1) of the I.T Act. I, therefore, do not find any merit in the assessee rsquo s appeal. Accordingly, I dismiss the same. 6. In the result, the appeal filed by the assessee, is dismissed.
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