Sponsored
    Follow Us:

Case Law Details

Case Name : ITO Vs Raj Maitry & Eskon Developer (ITAT Mumbai)
Appeal Number : ITA No. 2117/Mum/2023
Date of Judgement/Order : 29/01/2024
Related Assessment Year : 2018-19
Become a Premium member to Download. If you are already a Premium member, Login here to access.
Sponsored

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 dispute originated from the assessment year 2018-19 when the assessee, a partnership firm, filed its income tax return declaring a total income of Rs. 28,68,540/-. The assessment proceedings focused on two primary issues: income from real estate business and unsecured loans.

During the assessment proceedings, the Assessing Officer (AO) made significant additions to the income, including Rs. 12,63,66,352/- on account of advance received from customers under section 68 of the Act. However, the Ld. CIT (A) overturned these additions, leading to an appeal by the revenue before the ITAT Mumbai.

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

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Search Post by Date
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031