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2015 (8) TMI 975 - AT - Income TaxCessation of liability under Section 41(1) - Held that:- There is nothing on record to show any cessation or remission of liability by the creditor or even an unilateral act to this effect by the Assessee in this regard. In view of the above, we are of the opinion that the impugned addition u/s. 41(1) in respect of the addition M/s. Tool Masters cannot be sustained and the same is directed to be deleted. See Sugauli Sugar Works (P) Ltd. case [1999 (2) TMI 5 - SUPREME Court ] - Decided in favour of assessee.
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