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2007 (10) TMI 252 - HC - Income TaxAmount shifted in the P/L A/c of the assessee from the debit to the credit side - AO treated the same to be the income of the assessee u/s 41(1), on the ground that the liability had ceased or had been remitted - No finding was recorded by tribunal that there was anything else other than aforesaid alteration in the profit and loss account which could lead to this inference about cessation or remission of the liability without any possibility of revival – amount not assessable u/s 41(1)
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