AO couldn't invoke addition under sec. 41(1) if advance written off was reflected as 'Fixed Assets': ITAT

IT: Where assessee engaged in business of bottling-cum-manufacturing of soft drink, received advances/deposits towards security against bottles & cases which was written off during relevant assessment year, in view of fact that amount received in advance was being treated as non-trading liabilities as depreciation was allowed thereon and, moreover, no benefit was received during relevant year in respect of amount so written off, provisions of section 41(1) could not be invoked in assessee's case

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