https://www.taxtmi.com/caselaws?id=373097 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that the receipt was an advance for the purchase of marbles, not income from "other sources." The Tribunal considered the initial statement by the assessee and the circumstances, concluding that only the profit element should be assessed as income. As the sale of marbles was not completed, the advance could not be considered income. Therefore, the Tribunal deleted the addition of Rs. 45,00,000, emphasizing the importance of the initial statement for justice. en-us Mon, 03 Dec 2018 00:00:00 +0530 Mon, 07 Jan 2019 12:20:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373097 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that the receipt was an advance for the purchase of marbles, not income from "other sources." The Tribunal considered the initial statement by the assessee and the circumstances, concluding that only the profit element should be assessed as income. As the sale of marbles was not completed, the advance could not be considered income. Therefore, the Tribunal deleted the addition of Rs. 45,00,000, emphasizing the importance of the initial statement for justice. Case-Laws Income Tax Mon, 03 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373097