New Section 41(1) Rules: No Automatic Set-Off for Sundry Creditors and Debtors; Liabilities and Receivables Assessed Separately.

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Full Text of the Document

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....Additions u/s 41(1) - cessation of liability - there cannot be any automatic set off of the amounts relating to amounts payable to sundry creditors against the amount receivable from sundry debtors - AT....