https://www.taxtmi.com/caselaws?id=266907 The Tribunal ruled in favor of the assessee, deleting the addition of Rs. 3,99,54,051/- as advances received from customers. It found that the advances were genuine, properly documented, and adjusted against the sale price upon delivery. The Tribunal held that the application of Section 68 of the Income-tax Act, 1961 was incorrect, emphasizing the consistency and transparency of the assessee's accounting practices. The demand for PAN and voter ID details was deemed unreasonable for sales transactions. Therefore, the Tribunal allowed the assessee's appeal, highlighting the errors in the AO and CIT(A)'s decisions. en-us Mon, 05 Oct 2015 00:00:00 +0530 Fri, 16 Sep 2022 19:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266907 The Tribunal ruled in favor of the assessee, deleting the addition of Rs. 3,99,54,051/- as advances received from customers. It found that the advances were genuine, properly documented, and adjusted against the sale price upon delivery. The Tribunal held that the application of Section 68 of the Income-tax Act, 1961 was incorrect, emphasizing the consistency and transparency of the assessee's accounting practices. The demand for PAN and voter ID details was deemed unreasonable for sales transactions. Therefore, the Tribunal allowed the assessee's appeal, highlighting the errors in the AO and CIT(A)'s decisions. Case-Laws Income Tax Mon, 05 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266907