Section 68 Applies Even to Real Estate Customer Advances: Pune ITAT remand case

Carcanet Infra Projects Private Limited Vs ITO (ITAT Pune) Section 68 Applies Even to Customer Advances: Pune ITAT Remands Real Estate Developer’s ₹15.95 Crore Addition The Pune ITAT held that customer advances received by a real estate developer are not automatically immune from scrutiny under Section 68 and that the assessee must establish the identity, genuineness and creditworthiness of the parties from whom such advances are received. The assessee, engaged in construction and development of plots, had received fresh advances of ₹15.95 crore during AY 2018-19. The Assessing Officer t...