https://www.taxtmi.com/highlights?id=36979 Receipt of advance - Additions u/s 56(2)(vi) - A receipt cannot be taxed merely on conjecture or surmises. - The AO needs to bring on record evidence which proves that the particular receipt is taxable under the provisions of the Act - merely because the person, who paid the amount does not initiate any action for recovery of money should not be not a reason for making addition towards amount received as assessee’s income - AT en-us Fri, 24 Nov 2017 10:35:42 +0530 Fri, 24 Nov 2017 10:35:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=36979 Receipt of advance - Additions u/s 56(2)(vi) - A receipt cannot be taxed merely on conjecture or surmises. - The AO needs to bring on record evidence which proves that the particular receipt is taxable under the provisions of the Act - merely because the person, who paid the amount does not initiate any action for recovery of money should not be not a reason for making addition towards amount received as assessee’s income - AT Highlights Income Tax Fri, 24 Nov 2017 10:35:42 +0530 https://www.taxtmi.com/highlights?id=36979