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2013 (4) TMI 313 - AT - Income TaxProfits chargeable to tax - Addition u/s. 41(1) of waiver interest portion - Assessment was completed u/s. 144 - Held that:- In view of the judgement of CIT v. T.V. Sundaram Iyengar & Sons Ltd. [1996 (9) TMI 1 - SUPREME COURT] and the provisions of section 28(iv) for attracting provisions of section 41(1), the first requisite condition to be satisfied is that the assessee should have got deduction or benefit of allowance in respect of loss, expenditure or trading liability by way of remission or cessation thereof. The remission would become income only if the assessee has claimed deduction in respect of expenditure or trading liability. Being so, the CIT(A) is required to examine the issue afresh in the light of above observations. The issue is remitted back to the file of the CIT(A) for fresh consideration. Addition u/s.68 - the assessee has not furnished requisite information - Held that:- As the assessee submitted that this a running account the assessee having with M/s. Sreem Remedy Hospital and submitted that the account could be reconciled if one more opportunity is given to the assessee. Accordingly the issue remitted back to the file of the CIT(A) for fresh consideration - appeal of the assessee is partly allowed for statistical purpose.
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