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2016 (9) TMI 383 - AT - Income TaxAddition U/S 41(1) - Held that:- From the assessment order, it does not appear that the credit amounting to Rs.,2,81,138/- and the alleged capital receipt amounting to ₹ 3.70 crores has ceased to exist. The contention of the assessee regarding the amounts not being considered in the books of accounts, needs verification for application of Section 41(1) of the Act. We, therefore, in the interest of justice, set aside the issue to the Assessing Officer for verification whether the amounts relating to sundry creditors has been considered in the books of account
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