https://www.taxtmi.com/caselaws?id=376880 HC dismissed the appeal, holding that liabilities of sundry creditors of the erstwhile timber business had ceased de facto and de jure and therefore properly taxed as income under s.41(1). Given closure of the business over ten years earlier, absence of written confirmations or creditor claims, and failure of the assessee to prove continuing debts, authorities rightly drew an adverse inference and brought the old debts to tax. The concurrent factual findings below were upheld and the assessment for AY 2003-04 was sustained. en-us Mon, 11 Mar 2019 00:00:00 +0530 Wed, 20 Aug 2025 18:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376880 HC dismissed the appeal, holding that liabilities of sundry creditors of the erstwhile timber business had ceased de facto and de jure and therefore properly taxed as income under s.41(1). Given closure of the business over ten years earlier, absence of written confirmations or creditor claims, and failure of the assessee to prove continuing debts, authorities rightly drew an adverse inference and brought the old debts to tax. The concurrent factual findings below were upheld and the assessment for AY 2003-04 was sustained. Case-Laws Income Tax Mon, 11 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376880