https://www.taxtmi.com/caselaws?id=253756 The tribunal partly allowed the assessee's appeal, upholding the addition under Section 41(1) concerning M/s. Chandralok Fabrics due to the creditor's prolonged non-claim, leading to the inference of the liability ceasing to exist. The tribunal dismissed the assessee's request to admit additional evidence and emphasized the burden of proof on the assessee. Regarding the addition concerning Dombivali Acid and Chemicals (DAC), the tribunal noted inconsistencies in the accounting entries but admitted additional evidence and remanded the matter to the Assessing Officer for further examination, emphasizing the importance of accurate accounting entries and the assessee's obligation to prove liabilities. en-us Fri, 28 Nov 2014 00:00:00 +0530 Wed, 03 Dec 2014 10:16:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253756 The tribunal partly allowed the assessee's appeal, upholding the addition under Section 41(1) concerning M/s. Chandralok Fabrics due to the creditor's prolonged non-claim, leading to the inference of the liability ceasing to exist. The tribunal dismissed the assessee's request to admit additional evidence and emphasized the burden of proof on the assessee. Regarding the addition concerning Dombivali Acid and Chemicals (DAC), the tribunal noted inconsistencies in the accounting entries but admitted additional evidence and remanded the matter to the Assessing Officer for further examination, emphasizing the importance of accurate accounting entries and the assessee's obligation to prove liabilities. Case-Laws Income Tax Fri, 28 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253756