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2011 (10) TMI 269 - HC - Income TaxWaiver of the loan liability - Capital receipt or Revenue receipt - Held that: - For applicability of 41(1) there should be an allowance or deduction in any earlier years and subsequently if the creditor remits or waives any such liability the assessee is liable to pay tax. In the instant case, the amount claimed as capital receipt is in respect to which there was no allowance or deduction claimed by the assessee for the previous year. - Thus Section 41 is not attracted.
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