https://www.taxtmi.com/caselaws?id=392830 The Tribunal concluded that the addition of Rs. 60 lakh to the assessee's income was not justified. The Tribunal found that the explanation provided by the assessee, including a cash flow statement and other records, was not adequately considered by the Assessing Officer. It was noted that the advances received from customers were already recorded as sales, leading to the deletion of the addition as it would result in double counting. The Tribunal allowed the appeal of the assessee, ruling in favor of deleting the addition of Rs. 60 lakh. en-us Wed, 26 Feb 2020 00:00:00 +0530 Sat, 29 Feb 2020 11:40:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392830 The Tribunal concluded that the addition of Rs. 60 lakh to the assessee's income was not justified. The Tribunal found that the explanation provided by the assessee, including a cash flow statement and other records, was not adequately considered by the Assessing Officer. It was noted that the advances received from customers were already recorded as sales, leading to the deletion of the addition as it would result in double counting. The Tribunal allowed the appeal of the assessee, ruling in favor of deleting the addition of Rs. 60 lakh. Case-Laws Income Tax Wed, 26 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392830