https://www.taxtmi.com/caselaws?id=382288 The Tribunal held that the additions made by the AO towards undisclosed purchases, unexplained expenditure, undisclosed sundry debtor, bogus unsecured loan, and under valuation of closing stock were against the spirit of Section 44AD. It was emphasized that Section 44AD simplifies taxation for small traders. The Tribunal concluded that the AO and CIT(A) erred in making separate additions, and the additions were deleted. The income returned by the assessee was directed to be accepted, and the appeal of the assessee was allowed. en-us Wed, 08 May 2019 00:00:00 +0530 Fri, 28 Jun 2019 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382288 The Tribunal held that the additions made by the AO towards undisclosed purchases, unexplained expenditure, undisclosed sundry debtor, bogus unsecured loan, and under valuation of closing stock were against the spirit of Section 44AD. It was emphasized that Section 44AD simplifies taxation for small traders. The Tribunal concluded that the AO and CIT(A) erred in making separate additions, and the additions were deleted. The income returned by the assessee was directed to be accepted, and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 08 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382288