Addition u/s 56(2)(ix) - Receipt of advances against the ...

Case Laws Income Tax

February 6, 2023

Addition u/s 56(2)(ix) - Receipt of advances against the property - In factual matrix, the advance amount was never be forfeited or adjusted in the capital account of the assessee. There is clear contradiction in recorded statement and books of accounts of assessee related adjustment advance amount. But only point is being unanswered by the rival parties whether these two amounts are reflected in the books of accounts of respective parties. - Matter restored back for verification - AT

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Addition u/s 56(2)(ix) - Receipt of advances against the ...

Case Laws Income Tax

February 6, 2023

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