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SECTION 68 OF THE INCOME-TAX ACT, 1961 – CASH CREDIT

June 4, 2024

Illustrations : Where assessee-firm received certain amount from customers as advance for sale of flat and same had been duly reflected in books of account as per accounting system followed by assessee under head sales, advance and booking amount returned , impugned addition made under section 68 by Assessing Officer on account of said amount received from customers was rightly deleted by Commissioner (Appeals) by admitting additional evidence adduced by assessee before him – Income-tax Officer v. Raj Maitry & Eskon Developer – [2024] 163 taxmann.com 43 (Mumbai – Trib.)

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