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TMI Blog2019 (7) TMI 357X X X X Extracts X X X X X X X X Extracts X X X X ..... ) erred in confirming the assessment of cash advances received from various customers aggregating Rs. 4,45,000/- as undisclosed income of the assessee, whereas the same were received in ordinary course of business and goods were actually supplied and tax invoices were issued to the customers. (3) For that ld. CIT(A) erred in confirming the assessment of cash advances received from various customers aggregating Rs. 4,45,000/- as undisclosed income inspite of the fact that the regular books of account were maintained which were duly audited and no defect were found in such books of account. (4) For that ld. CIT(A) erred in confirming in disallowance of interest Rs. 64,257/- paid on housing loan. (5) For that ld. CIT(A) erred in confirmi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvances against sales made subsequently were also furnished by the assessee. On perusal of the same, the Assessing Officer found that the cash advances were received by the assessee from the customers in the month of July to October, 2010, whereas the corresponding sales were made to them in the month of March, 2011. This raised suspicion in the mind of the Assessing Officer and he required the assessee to provide the names and addresses of the concerned parties for cross verification. The assessee, however, even failed to give complete addresses of the concerned customers. It was also noticed by the Assessing Officer from the relevant invoices produced by the assessee that VAT Nos. of the customers were not mentioned in the said invoices. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 the Hon'ble Calcutta 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. In my opinion, the ratio of the decision of the Coordinate Bench of this Tribunal in the case of Saha Enterprise (supra) and that of the Hon'ble Jurisdictional High Court in the case of Crystal Networks (P) Limited (supra) is squarely applicable to the facts of the present case and even the ld. D.R. has not been able to dispute this position. I, therefore, respectfully follow the said judicial pronouncements cited by the ld. Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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