https://www.taxtmi.com/highlights?id=65896 Deemed income - Addition u/s 41(1) - cessation of liability - amount due to partnership firm - The said adjustment of transferring the loan into the capital is between the assessee and the partnership firm. Had the assessee treated it as a part of the capital in the preceding year when the amount was actually withdrawn from the partnership firm, the present situation would not have arrived. - AT en-us Sat, 01 Oct 2022 16:54:43 +0530 Sat, 01 Oct 2022 16:54:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65896 Deemed income - Addition u/s 41(1) - cessation of liability - amount due to partnership firm - The said adjustment of transferring the loan into the capital is between the assessee and the partnership firm. Had the assessee treated it as a part of the capital in the preceding year when the amount was actually withdrawn from the partnership firm, the present situation would not have arrived. - AT Highlights Income Tax Sat, 01 Oct 2022 16:54:43 +0530 https://www.taxtmi.com/highlights?id=65896