https://www.taxtmi.com/caselaws?id=68229 The Tribunal upheld the CIT(A)'s decision to delete additions made by the AO, as the appellant satisfactorily explained sources of entries, including fund flow statements and transactions via account payee cheques. Despite applying section 44AD for profit determination, the AO's additional additions under section 69 were deemed unnecessary. The CIT(A) and Tribunal concurred that once income is assessed under section 44AD, further additions are unwarranted. Detailed explanations and evidence provided by the assessee, such as fund flow statements and receipts, led to the Tribunal affirming the deletion of disputed additions related to assets shown in the balance sheet. en-us Fri, 21 Oct 2005 00:00:00 +0530 Mon, 28 Mar 2011 15:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68229 The Tribunal upheld the CIT(A)'s decision to delete additions made by the AO, as the appellant satisfactorily explained sources of entries, including fund flow statements and transactions via account payee cheques. Despite applying section 44AD for profit determination, the AO's additional additions under section 69 were deemed unnecessary. The CIT(A) and Tribunal concurred that once income is assessed under section 44AD, further additions are unwarranted. Detailed explanations and evidence provided by the assessee, such as fund flow statements and receipts, led to the Tribunal affirming the deletion of disputed additions related to assets shown in the balance sheet. Case-Laws Income Tax Fri, 21 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68229