Section 41(1) of the Income-tax Act, 1961—Remission or cessation of trading liability—Section 41(1) does not apply since waiver of loan does not amount to cessation of trading liability and it is a matter of record that the assessee has not claimed any deduction under Section 36 (1) (iii) Act qua the payment of interest in any previous year. - ITO V/s SRI VASAVI POLYMERS (P.) LTD. - [2020] 183 ITD 586 (ITAT-VISAKHAPATNAM)