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2017 (3) TMI 1382 - AT - Income TaxReopening of assessment - addition u/s 41 - Held that:- As per the settled principles of taxation if the loan is of capital nature the provisions of section 41(1) are not applicable. Secondly for invoking the said provision the assessee should have claim direction/allowance in the earlier assessment years. The FAA has given a categorical finding of fact that loans extended by various concerns were capital in nature and that there was no deduction/allowance for any of the expenditure in any of the year. Nothing has been brought to our notice that the finding given by the F AA is perverse or is suffering from any factual of legal infirmity. - Decided against AO
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