Treatment of Booking Advances as Unexplained Cash Credits: ITAT quashes Disproportionate Addition towards Co-Owners of Land [Read Order]

Treatment of Booking Advances - Unexplained Cash Credits - ITAT quashes Disproportionate Addition - Addition - ITAT - Co-Owners of Land - Income Tax - taxscan

The Surat Bench of Income Tax Appellate Tribunal (ITAT) has quashed the disproportionate addition towards co-owners of land as the booking advances were treated as unexplained cash credits. The assessee, Sanjaykumar Ramanbhai Patel was engaged in the business of purchasing land, plotting and sale to the customers during the year under consideration. During the course…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1199 + GST for 1 year

Subscribe Now

taxscan-loader