Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 357 - AT - Income TaxAddition u/s 68 - Unexplained cash advances received from various customers - assessee is engaged in the business of retail trading of motor-parts and accessories - HELD THAT:- Advances received by the assessee being trade advances by very nature of activity of the assessee and the same having been adjusted against the sales made to the concerned parties, the said advances could not be treated as unexplained cash credit u/s 68. See M/S. SAHA ENTERPRISE [2015 (2) TMI 1312 - ITAT KOLKATA] trade advances given by the creditors/customers were found to be adjusted against the sale of products made by the assessee subsequently to the concerned creditors/customers and it was held by CRYSTAL NETWORKS P. LTD. VERSUS COMMISSIONER OF INCOME-TAX [2010 (7) TMI 841 - KOLKATA HIGH COURT] on these facts and circumstances of the case that the advances so received by the assessee could not be treated as unexplained cash credit - addition to be deleted - Decided in favour of assessee.
|