Customer Advances Not Cash Credits Under Section 68

ITO Vs Tractebel Engineering Pvt. Ltd. (ITAT Delhi) Customer Advances Aren’t Cash Credits: ITAT Upholds Deletion of ₹5.55 Cr Addition under Section 68 The Delhi Bench of the Income Tax Appellate Tribunal dismissed the Revenue’s appeal and upheld deletion of an addition of ₹5.55 crore made under section 68, holding that advances received from customers in the normal course of business cannot be treated as unexplained cash credits when properly substantiated. In this case, the assessee company, engaged in engineering and infrastructure services, reflected advances from customers in its b...