No additions in case business advances were made out of business receipts

Vijay Bajaj Vs ACIT / DCIT (ITAT Chandigarh) Conclusion: Where assessee had offered business receipts amounting to Rs 41,81,800/- in his return of income which was sufficient to make business advances of Rs 8,05,000/- there was no justifiable reason to not accept the entries in the cash book corresponding to advances of Rs 8,05,000/- made out of said business receipts. Held: Assessee was engaged in the business of providing DJ services and during the course of survey operations at the assessee’s premises, a ledger namely ‘Bajaj Entertainers’ containing certain entries was found. In his s...