https://www.taxtmi.com/caselaws?id=396726 Additions for realisation of debtors and liquidation of advances were found unsustainable where balance-sheet figures and statement of affairs showed opening balances and subsequent reduction during the year. The assessee's explanation was supported by financial statements, discontinuance of business, loss of records, and inability to obtain full verification from the earlier auditor. As the amounts were not shown to have been invested in any new asset or to represent a fresh unexplained source, the material on record supported the claim that they arose from existing receivables and advances. The additions were deleted and the appeals were allowed on merits. en-us Wed, 17 Jun 2020 00:00:00 +0530 Fri, 17 Jul 2020 10:46:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396726 Additions for realisation of debtors and liquidation of advances were found unsustainable where balance-sheet figures and statement of affairs showed opening balances and subsequent reduction during the year. The assessee's explanation was supported by financial statements, discontinuance of business, loss of records, and inability to obtain full verification from the earlier auditor. As the amounts were not shown to have been invested in any new asset or to represent a fresh unexplained source, the material on record supported the claim that they arose from existing receivables and advances. The additions were deleted and the appeals were allowed on merits. Case-Laws Income Tax Wed, 17 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396726