The petitioner had claimed significant financial losses in his tobacco business, arguing that he had no income-earning properties to repay loans borrowed from multiple creditors
In the recent ruling the High Court of Andhra Pradesh dismissed a revision petition filed by the assessee for misrepresentation of financial facts in his tobacco business.
Vaddempudi Sivannarayana,petitioner -assessee, had filed an Insolvency Petition under section 10 of the Provisional Insolvency Act, seeking to be declared insolvent due to heavy business losses incurred in his tobacco trade.
He claimed that he had borrowed loans from the respondents by executing promissory notes and other documents but had no income-earning properties to repay these debts. The…
