Cessation of liability u/s. 41(1) of the I.T. Act - The transfer of amount from one account to another...

Cessation of liability u/s. 41(1) of the I.T. Act - The transfer of amount from one account to another which ultimately remained with the firm is not a cessation of liability - The existing partners were personally liable to the old partners as well as to the creditors - AT .....

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