Court Rules No Grounds for Addition u/s 41(1) in Chit Fund Liability Case; Deletions Ordered.

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....Chit Funds - Addition u/s 41(1) - ceasation of liability - Defaulted subscription - addition on account of chit lien which was not actually disbursed to the defaulters - there is no question of invoking the provisions of section 41(1) - additions deleted - AT....