AO's Taxation of Rs. 269.48 Crore Advances as "Other Sources" Contradicts Section 56 of Income Tax Act.

Nature of advance received - AO has brought to tax advances which the assessee had received during the period 1996-97 to 2008-09 totally ₹ 269.48 cr under the head other source. We are surprised to note that the AO had made additions contrary to the provision of section 56 of the Income Tax Act which govern the assessment of income under the residuary head. - AT .....

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