https://www.taxtmi.com/caselaws?id=263281 The Appellate Tribunal upheld the Commissioner's decision regarding the validity of the Assessment Order under section 142(1) and the addition made under section 41(1) due to the cessation of liability. The Tribunal found that the liabilities to the alleged creditors had ceased to exist, as evidenced by the lack of demand for payment over 10 years and the inability to trace the creditors. The appeal was dismissed, with the assessee advised to seek refunds or adjustments to avoid double taxation. en-us Fri, 20 Feb 2015 00:00:00 +0530 Mon, 31 Aug 2015 07:54:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263281 The Appellate Tribunal upheld the Commissioner's decision regarding the validity of the Assessment Order under section 142(1) and the addition made under section 41(1) due to the cessation of liability. The Tribunal found that the liabilities to the alleged creditors had ceased to exist, as evidenced by the lack of demand for payment over 10 years and the inability to trace the creditors. The appeal was dismissed, with the assessee advised to seek refunds or adjustments to avoid double taxation. Case-Laws Income Tax Fri, 20 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263281