Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 965 - AT - Income TaxAddition u/s 68 - advances shown by the assessee which were held as unexplained cash credit by the lower authorities - Held that:- on perusal of the details submitted by the assessee we find that all the parties from whom the advances was claimed to have received have been billed in the subsequent years. The assessee has furnished the copies of the ledgers in respect of all the parties which are placed on record. Once the assessee is able to show the source against the advances received in the earlier years then the same cannot be treated as unexplained. In the case on hand the assessee has discharged his burden by giving necessary details of the parties from whom the advances was received and sales made to those parties. The ld. DR has not brought anything contrary to the submissions made by the ld. AR. In view of the above we are of the view that the additions made by the lower authorities are not sustainable as the assessee has furnished the necessary details in support of the advances and the subsequent sales. - Decided in favour of assessee
|