Court Rules Section 41(1) Inapplicable Without Prior Deduction for Waived Bank Interest Under Income Tax Act.

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....Income u/s 41(1) - Bank waived the interest portion - Returns filed for A.Y. in which deduction claimed was held non-est - Unless the amount had been allowed as a deduction in the earlier years, the question of invoking Section 41(1) does not arise - HC....