Waiver of Unsecured Interest-Free Loans Not Taxable u/s 41(1), Court Rules No Deductions Claimed.

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....Addition u/s 41(1) - waiver of unsecured interest free loans taken - since the assessee has not claimed any allowance or deduction in respect of the unsecured loan obtained by it, the provisions of sub-section (1) of section 41 of the Act would not apply. - HC....