https://www.taxtmi.com/caselaws?id=332654 The Tribunal held that the advances received by the assessee were genuine trade advances, properly adjusted against subsequent sales, and therefore not taxable under section 68 of the Income Tax Act. The Commissioner of Income Tax (Appeals) and the Tribunal both found in favor of the assessee, dismissing the revenue's appeal and allowing the assessee's cross-objection. en-us Wed, 10 Aug 2016 00:00:00 +0530 Thu, 22 Sep 2016 13:07:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332654 The Tribunal held that the advances received by the assessee were genuine trade advances, properly adjusted against subsequent sales, and therefore not taxable under section 68 of the Income Tax Act. The Commissioner of Income Tax (Appeals) and the Tribunal both found in favor of the assessee, dismissing the revenue's appeal and allowing the assessee's cross-objection. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332654