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2011 (2) TMI 240 - HC - Income TaxDeemed income u/s 41(1) - Since, the assessee was formed in the assessment year 1986-87 and succeeded to the transport business from another firm - Section 41(1) of the Act has been amended - It is enforced with effect from April 1, 1993, by the Finance Act, 1992. Now, the word "assessee" there, includes the successor-in-interest - Held that:- after cessation of the liabilities of the years till the assessment year 1984-85 (i.e. prior to formation of the assessee), they could be added in the hands of the predecessor-in-interest of the assessee, who were earlier granted the allowances or deductions and not in the hands of the assessee - Decided against of assessee.
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