https://www.taxtmi.com/caselaws?id=399627 The Tribunal concluded that Section 56(2)(ix) of the Income Tax Act was not applicable to the advances received by the assessee as they were for business purposes and not for the transfer of a capital asset. The advances were not forfeited and remained liabilities in the assessee's books. Therefore, the addition made by the Assessing Officer was deleted, and the appeal of the assessee was allowed. en-us Tue, 08 Sep 2020 00:00:00 +0530 Thu, 15 Oct 2020 14:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399627 The Tribunal concluded that Section 56(2)(ix) of the Income Tax Act was not applicable to the advances received by the assessee as they were for business purposes and not for the transfer of a capital asset. The advances were not forfeited and remained liabilities in the assessee's books. Therefore, the addition made by the Assessing Officer was deleted, and the appeal of the assessee was allowed. Case-Laws Income Tax Tue, 08 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399627