Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The Appellate Tribunal considered a case involving additions u/s 68 where the assessee declared income u/s 44AD for trading grey clothes. The Assessing Officer deemed the trading activity non-genuine due to insufficient documentary evidence. The CIT(A) ruled in favor of the assessee, stating no addition can be made u/s 68 when income is declared u/s 44AD. The Tribunal noted that books of accounts exclude bank passbooks and since the assessee declared income u/s 44AD on a presumptive basis, no requirement for maintaining books of accounts existed. Therefore, the addition u/s 68 on the entire turnover declared u/s 44AD was deemed unjustified, leading to the allowance of the assessee's appeal.
The Appellate Tribunal considered a case involving additions u/s 68 where the assessee declared income u/s 44AD for trading grey clothes. The Assessing Officer deemed the trading activity non-genuine due to insufficient documentary evidence. The CIT(A) ruled in favor of the assessee, stating no addition can be made u/s 68 when income is declared u/s 44AD. The Tribunal noted that books of accounts exclude bank passbooks and since the assessee declared income u/s 44AD on a presumptive basis, no requirement for maintaining books of accounts existed. Therefore, the addition u/s 68 on the entire turnover declared u/s 44AD was deemed unjustified, leading to the allowance of the assessee's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
