PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
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 
of 4828 
Join Channel 
