https://www.taxtmi.com/caselaws?id=370291 The ITAT allowed the assessee's appeals, deleting trading additions and bank deposits addition while also overturning penalties under sections 271A and 271B for the assessment year 2008-09. The ITAT found that the income from plying trucks fell under section 44AE, justifying presumptive taxation and eliminating the need for further additions. Additionally, the ITAT accepted the explanation provided for bank deposits, leading to the removal of the bank deposits addition. Consequently, penalties under sections 271A and 271B were deemed unwarranted and were deleted. en-us Tue, 06 Nov 2018 00:00:00 +0530 Thu, 15 Nov 2018 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370291 The ITAT allowed the assessee's appeals, deleting trading additions and bank deposits addition while also overturning penalties under sections 271A and 271B for the assessment year 2008-09. The ITAT found that the income from plying trucks fell under section 44AE, justifying presumptive taxation and eliminating the need for further additions. Additionally, the ITAT accepted the explanation provided for bank deposits, leading to the removal of the bank deposits addition. Consequently, penalties under sections 271A and 271B were deemed unwarranted and were deleted. Case-Laws Income Tax Tue, 06 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370291