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2008 (11) TMI 431 - AT - Income TaxExtract: .......nt is amounted to be a remission or cessation of the said liability within the meaning of section 41(1) of the Act read with Explanation 1 thereto. 32. Thus, the issue involved in ground Nos. 2 and 3 is decided in favour of the revenue and against the assessee. 33. In the result, the appeal filed by the revenue is partly allowed as indicated above.
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