Genuine Advances from customers cannot be treated as undisclosed income

Shri Sanjay Agarwal Vs ITO (ITAT Kotkata) In the case of Saha Enterprises – vs.- ITO cited by the ld. Counsel for the assessee, a similar issue had come for consideration before the Tribunal involving almost identical facts and while deciding the same vide its order dated 06.02.2015 passed in ITA No. 2141/KOL/2014, the Tribunal held that the advances received by the assessee being trade advances by very nature of activity of the assessee and the same having been adjusted against the sales made to the concerned parties, the said advances could not be treated as unexplained cash credit under s...