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of <h1>Cash deposits held unexplained under s.69A but taxpayer allowed presumptive assessment under s.44AD with lump-sum addition</h1> <h3>Sh. Rakesh Kumar, s/o- Sh. Vijay Kumar, Prop. - M/s. Bansal Enterprises. Versus Income Tax Officer, War-3 (3) (3), Saharanpur</h3> Sh. Rakesh Kumar, s/o- Sh. Vijay Kumar, Prop. - M/s. Bansal Enterprises. Versus Income Tax Officer, War-3 (3) (3), Saharanpur - TMI This appeal against assessment framed under section 143(3) r.w.s. 147 challenges treatment of cash deposits of Rs. 12,87,500/- as 'unexplained under section 69A' despite the assessee being held eligible for the presumptive scheme under section 44AD for total sales of Rs. 17,55,750/-. Tribunal found that, while the assessee 'has not been specifically able to explain the direct nexus between his trading results and cash deposits', the 'benefit herein of presumptive scheme u/s 44AD could not be altogether denied as well.' In the exercise of balancing these factors, a 'lumpsum addition of Rs. 2,87,500/-' was directed, with the explicit rider that the same 'shall not treated as a precedent.' Effectively the assessee received relief of Rs. 10 lakhs. Appeal was partly allowed.
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