Advance received against booking of flats are not Unexplained Amount: ITAT deletes Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata court ruled that payments made in advance for flat bookings do not constitute an unexplained amount.As a result, the bench removed the assessment officer's addition
By Aparna. M - On December 27, 2023 11:00 am - 2 mins read
Advance - booking of flats - Unexplained Amount-ITAT -TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Kolkata bench, held that advances received against booking of flats are not an unexplained amount. Consequently, the bench deleted the addition made by the assessing officer. The assessee, Anil Kumar Paik, is an individual engaged in various businesses, including property development, a liquor shop, a medicine shop, and rental…

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