Allowing the appeal of the revenue the tribunal held that; outstanding sundry creditors for several years assesses failure to produce correct address, PAN Numbers, or confirmations. Merely because liabilities were shown in books of account and not written back, could not be held to be subsisting liability.( AY.2010-11)
ACIT v. Dattatray Poultry Breeding Farm (P.) Ltd. (2018) 171 ITD 615 (Ahd) (Trib.)
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Outstanding sundry creditors for several years- Failure to produce correct address, PAN Numbers, or confirmations- Merely because liabilities were shown in books of account and not written back, could not be held to be subsisting liability.[ S.133(6) ]