Advance from Customers Not Section 68 Income; Powers of CIT(A) Parallel to AO’s

ITO Vs Raj Maitry & Eskon Developer (ITAT Mumbai) ITAT Mumbai held that Advance received from customers can’t be considered as income for the purposes of section 68 of the Act and powers of Ld. CIT (A) was coterminous with that of AO, and what an AO can do the same action, can be taken by him also. The case of ITO Vs Raj Maitry & Eskon Developer was brought before the ITAT Mumbai, concerning the treatment of advance payments received from customers. The key contention revolved around whether such advances should be considered as income under section 68 of the Income Tax Act. The disp...