https://www.taxtmi.com/caselaws?id=249512 Long-standing trade liabilities and debtor advances were examined for tax treatment under sections 41(1) and 68 of the Income-tax Act, 1961. One liability to Pasad Steels was remanded for fresh verification because the confirmation and payment evidence required factual scrutiny. The liability to Swastik Enterprises was treated as unproved, and cessation under section 41(1) was upheld because no supporting material, response, or explanation for non-payment was furnished. The addition under section 68 was sustained because the assessee failed to establish the genuineness of credits arising in the relevant year, and later-year payment entries did not discharge the burden for that year. en-us Wed, 28 May 2014 00:00:00 +0530 Wed, 16 Jul 2014 06:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249512 Long-standing trade liabilities and debtor advances were examined for tax treatment under sections 41(1) and 68 of the Income-tax Act, 1961. One liability to Pasad Steels was remanded for fresh verification because the confirmation and payment evidence required factual scrutiny. The liability to Swastik Enterprises was treated as unproved, and cessation under section 41(1) was upheld because no supporting material, response, or explanation for non-payment was furnished. The addition under section 68 was sustained because the assessee failed to establish the genuineness of credits arising in the relevant year, and later-year payment entries did not discharge the burden for that year. Case-Laws Income Tax Wed, 28 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249512