Preliminary reassessment proceedings generally require statutory remedies unless jurisdiction is wholly absent or mandatory conditions are patently br...
Agricultural land classification requires cumulative factual indicators, while industrial-purpose land and absent agricultural use defeat reinvestment...
ITAT allowed the appeal of Assessee X, deleting the addition made as unexplained money u/s 69A. The ITAT held that the cash deposits in the bank account represented business turnover already offered to tax under the presumptive scheme u/s 44AD, where maintenance of books is not mandatory and cash transactions are normal. It found that the AO and CIT(A) erred in treating the deposits as unexplained solely on the basis of bank credits, without considering corresponding withdrawals and the income already subjected to tax under the return filed u/s 44AD. Since legitimate tax had been paid on the turnover, no further tax liability survived. Consequently, the impugned addition u/s 69A was deleted and the ground of Assessee X was allowed.
ITAT allowed the appeal of Assessee X, deleting the addition made as unexplained money u/s 69A. The ITAT held that the cash deposits in the bank account represented business turnover already offered to tax under the presumptive scheme u/s 44AD, where maintenance of books is not mandatory and cash transactions are normal. It found that the AO and CIT(A) erred in treating the deposits as unexplained solely on the basis of bank credits, without considering corresponding withdrawals and the income already subjected to tax under the return filed u/s 44AD. Since legitimate tax had been paid on the turnover, no further tax liability survived. Consequently, the impugned addition u/s 69A was deleted and the ground of Assessee X was allowed.
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