Loan Obligation Stands Despite Lender's Removal from Records; Additions Rightly Deleted by Tax Commissioner.

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....Cessation of liability u/s 41(1) addition was made u/s 68 - CIT(A) correctly adjudicated the issue by holding that mere removal of name of the lender from MCA would not absolve the assessee from the liability to repay the loan. CIT(A) rightly deleted the additions - AT....