ITAT Deletes Section 68 Addition as Customer Advances Were Regular Business Receipts

S.K. Builders and Developers LLP Vs ITO (ITAT Kolkata) Advances received from customers in the ordinary course of a real-estate business, which are consistently adjusted against sales under the project completion method, cannot be treated as unexplained cash credits under section 68. The ITAT Kolkata in S.K. Builders and Developers LLP vs ITO held that advances received from customers and flat purchasers in the ordinary course of a real-estate business cannot be treated as unexplained cash credits under Section 68 when such amounts are duly recorded in audited books and consistently adjusted a...