No addition U/s. 69 if Source of Funds was referable to Monies Pooled from Customers in the Form of Advances and Sales in Business

Smt. Dyapa Rajini Vs ITO (ITAT Hyderabad)

The Assessing Officer made an addition u/s 69 of the Act referable to peak credit closing balance found in the Savings Bank Account. The case of the assessee on the other hand was that temporary advances were taken from the customers and the same was utilised for depositing in the bank account but it was immediately withdrawn. It is not in dispute that on account of non-compliance to the notices issued by the Assessing Officer, A.O. made best judgment assessment and at that stage of the proceedings the assessee

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