2019 (7) TMI 357

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....law as well as on facts. (2) For that ld. CIT(A) erred in confirming the assessment of cash advances received from various customers aggregating Rs. 4,45,000/- as undisclosed income of the assessee, whereas the same were received in ordinary course of business and goods were actually supplied and tax invoices were issued to the customers. (3) For that ld. CIT(A) erred in confirming the assessment of cash advances received from various customers aggregating Rs. 4,45,000/- as undisclosed income inspite of the fact that the regular books of account were maintained which were duly audited and no defect were found in such books of account. (4) For that ld. CIT(A) erred in confirming in disallowance of interest Rs. 64,2....

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....cerned parties showing the receipt of advances in cash and adjustment of the said advances against sales made subsequently were also furnished by the assessee. On perusal of the same, the Assessing Officer found that the cash advances were received by the assessee from the customers in the month of July to October, 2010, whereas the corresponding sales were made to them in the month of March, 2011. This raised suspicion in the mind of the Assessing Officer and he required the assessee to provide the names and addresses of the concerned parties for cross verification. The assessee, however, even failed to give complete addresses of the concerned customers. It was also noticed by the Assessing Officer from the relevant invoices produced by th....