https://www.taxtmi.com/caselaws?id=202326 The Court dismissed the appeal under Section 260A of the Income Tax Act for the assessment year 2005-06, upholding the deletion of the addition made by the Assessing Officer regarding cash credits as business receipts under Section 44AD. The Commissioner of Income-tax (Appeals) accepted the appeal, ruling that the cash deposits were justified as business receipts and fell below the turnover threshold requiring maintenance of regular books of account. The Court affirmed the decision, emphasizing the application of Section 44AD and the presumption of tax liability based on gross receipts, leading to the deletion of the Assessing Officer's addition. en-us Tue, 29 Jun 2010 00:00:00 +0530 Tue, 31 Mar 2026 15:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202326 The Court dismissed the appeal under Section 260A of the Income Tax Act for the assessment year 2005-06, upholding the deletion of the addition made by the Assessing Officer regarding cash credits as business receipts under Section 44AD. The Commissioner of Income-tax (Appeals) accepted the appeal, ruling that the cash deposits were justified as business receipts and fell below the turnover threshold requiring maintenance of regular books of account. The Court affirmed the decision, emphasizing the application of Section 44AD and the presumption of tax liability based on gross receipts, leading to the deletion of the Assessing Officer's addition. Case-Laws Income Tax Tue, 29 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202326