Addition on account of non-genuine creditors u/s 41(1) - scope of section 41(1) - the benefit which he...

Addition on account of non-genuine creditors u/s 41(1) - scope of section 41(1) - the benefit which he obtains by way of remission or cessation of a trading liability in a later year, in respect of which he has obtained a deduction in an earlier year in computing the business income, should be governed by Section 41(1) which is the specific provision governing the factual situation and not by Section 28(iv).. .... - HC .....

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