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2016 (2) TMI 927 - AT - Income TaxPenalty u/s. 271D and 271E - advance receipt on sale of goods from dealers as deposit - Held that:- As find from the facts that the assessee has merely collected advances in cash from various dealers for supply of rice and wheat during the course of business. Hence, it can safely be concluded that the said receipts pertained the character of revenue receipts in the hands of the assessee. It is not in dispute that the said advances were duly adjusted by supply of goods by the assessee before the end of previous year. In these circumstances, we hold that the advance receipt on sale of goods from dealers as deposit and invoking the provisions of section 269SS and 269T is not warranted. - Decided in favour of assessee
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