Genuineness of advances received towards booking by the various persons in the earlier years

It is not in dispute by either of the parties that the provisions of section 41(1) are not applicable. The issue here now remains as to whether advances received towards booking by the various persons in the earlier years and as reflected in the balance sheet are genuine or not. From a perusal of the balance sheet for the earlier years which have been placed in the paper book and as pointed out by the learned Counsel, it goes to show that these liabilities are towards advance booking at the time when appellant tried to carry out the housing project.

Please become a Premium member. If you are already a Premium member, login here to access the full content.