Entries write back in absence of explanation is assessable as income

Brief of the case: Tribunal examined that whether addition can be made on account of net increase in the assessee’s capital during the year on account of write back as well as write off of some old credits and debits appearing in her accounts. After examining the facts and circumstances of the case tribunal held that in the absence of cessation of liability the disputed sum is confirmed as income u/s 56 and under the head income from other sources. The issue find support with the decision of apex court in TV Sundaram Iyenger 1996] 222 ITR 344 (SC) and standing to fall to be assessed u/s 56 (...