https://www.taxtmi.com/caselaws?id=468292 Section 41(1) taxes a trading liability when it ceases or is remitted, and the mere absence of a write-back in the books does not by itself protect an assessee where the liability is shown to be non-genuine in substance. On the stated facts, long-outstanding sundry creditors were found untraceable or denied by the alleged creditors, and the assessee could not produce convincing confirmations or supporting evidence. The note records that, on this material, the liabilities were treated as having ceased in substance and the addition under section 41(1) was upheld. en-us Tue, 19 Jun 2018 00:00:00 +0530 Mon, 27 Apr 2026 13:19:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468292 Section 41(1) taxes a trading liability when it ceases or is remitted, and the mere absence of a write-back in the books does not by itself protect an assessee where the liability is shown to be non-genuine in substance. On the stated facts, long-outstanding sundry creditors were found untraceable or denied by the alleged creditors, and the assessee could not produce convincing confirmations or supporting evidence. The note records that, on this material, the liabilities were treated as having ceased in substance and the addition under section 41(1) was upheld. Case-Laws Income Tax Tue, 19 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468292