https://www.taxtmi.com/caselaws?id=267736 The High Court upheld the Tribunal's decision that advances for raw material purchase were not for business purposes due to lack of documentary evidence supporting their trade nature. The Court found the appellant failed to substantiate the claim that the advances were trade-related, leading to the dismissal of the appeal. The Court emphasized the independence of each assessment year and ruled against the appellant on the substantial questions of law raised. en-us Wed, 23 Sep 2015 00:00:00 +0530 Fri, 13 Nov 2015 15:53:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267736 The High Court upheld the Tribunal's decision that advances for raw material purchase were not for business purposes due to lack of documentary evidence supporting their trade nature. The Court found the appellant failed to substantiate the claim that the advances were trade-related, leading to the dismissal of the appeal. The Court emphasized the independence of each assessment year and ruled against the appellant on the substantial questions of law raised. Case-Laws Income Tax Wed, 23 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267736