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2013 (6) TMI 130 - HC - Income TaxProfits chargeable to tax - unclaimed unsecured loans - addition u/s 41 deleted by CIT(A) - Held that:- The very first condition for invoking section 41(1) is that an allowance or deduction ought to have been made in the assessment for any year in respect of any loss, expenditure or trading liability incurred by the assessee. In the present case it is an admitted position that no allowance or deduction had been made in the assessment of the assessee in any earlier year. Consequently, there is no question of invoking section 41(1) and the Tribunal as well as CIT(A) were correct in deleting the addition - no substantial question of law arises for consideration. In favour of assessee.
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