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2016 (9) TMI 915 - AT - Income TaxAddition u/s 68 - advance received from 469 parties by the assessee - Held that:- In the instant case, from the aforesaid findings , it could be safely concluded that the amounts received by the assessee were only trade advances and the same were duly squared up by supply of sand by the assessee to those customers and sales were booked in the Asst Year 2007-08 which was also accepted by the ld AO in the rectification proceedings u/s 154 of the Act while granting credit of TCS u/s 206C(4) of the Act. Thus we hold that the monies received by the assessee are only trade advances and the same has been proved by the assessee as a genuine credit and in any case cannot be the subject matter of addition u/s 68 of the Act. - Decided in favour of assessee
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