https://www.taxtmi.com/caselaws?id=284414 An addition of customer advances as unexplained cash credits could not be sustained where the assessment had originally proceeded on cessation of liability, because the basis was shifted to section 68 without proper notice and the advances were explained in remand proceedings; the addition was deleted. On disallowance under section 40(a)(ia), the amendment brought by the Finance Act, 2014 was treated as curative and retrospective, so the disallowance was restricted to 30% rather than the full amount. The assessee therefore obtained relief on both issues to the extent indicated. en-us Fri, 20 Jul 2018 00:00:00 +0530 Wed, 15 Jan 2020 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284414 An addition of customer advances as unexplained cash credits could not be sustained where the assessment had originally proceeded on cessation of liability, because the basis was shifted to section 68 without proper notice and the advances were explained in remand proceedings; the addition was deleted. On disallowance under section 40(a)(ia), the amendment brought by the Finance Act, 2014 was treated as curative and retrospective, so the disallowance was restricted to 30% rather than the full amount. The assessee therefore obtained relief on both issues to the extent indicated. Case-Laws Income Tax Fri, 20 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284414