https://www.taxtmi.com/caselaws?id=239348 The ITAT ruled in favor of the assessee, emphasizing the ongoing liability and rejecting the application of sections 41(1) and 28(iv) to add the advance against export as income. The ITAT allowed the appeal, deleting the addition made by the authorities, citing the decision in M/s. Jayram Holdings Pvt. Ltd. The ITAT suggested referring any suspicion of FEMA violations to the RBI for investigation. en-us Fri, 08 Nov 2013 00:00:00 +0530 Tue, 12 Nov 2013 07:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239348 The ITAT ruled in favor of the assessee, emphasizing the ongoing liability and rejecting the application of sections 41(1) and 28(iv) to add the advance against export as income. The ITAT allowed the appeal, deleting the addition made by the authorities, citing the decision in M/s. Jayram Holdings Pvt. Ltd. The ITAT suggested referring any suspicion of FEMA violations to the RBI for investigation. Case-Laws Income Tax Fri, 08 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239348