Income Tax Act: Assessee's Liability Not Written Off, Section 41(1) & 28(iv) Considered; Liability Exists in Books.

Addition u/s. 41(1) read with section 28(iv) of the Act - the liability has been acknowledged by the assessee. Since amount has not been written off by the assessee in its books of account, it cannot be said that the liability has ceased to exists - AT .....

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