AO can not say that Assessee should not keep cash balance in Hand
Facts of the Case :- Assessee is a firm engaged in the business of manufacturing grey cloth.On scrutiny of the accounts, ld. AO noticed that assessee has paid interest expenditure of Rs. 31,13,303/-. It has also kept cash balance of Rs. 18,19,967/-. Such interest was paid to the creditors who have supplied yarn to the… Read More »