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

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