https://www.taxtmi.com/highlights?id=55521 Business income v/s undisclosed income - If the assessee had shown income u/s.44AD which is presumptive basis for taxation and looking to the nature of bank account entries and regular cash deposits and withdrawals this shows that assessee was doing some kind of business activities and preponderance of probabilities for such activities is definitely goes in favour of the assessee. - AO directed to accept the return of income as business income. - AT en-us Mon, 16 Nov 2020 17:31:24 +0530 Mon, 16 Nov 2020 17:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55521 Business income v/s undisclosed income - If the assessee had shown income u/s.44AD which is presumptive basis for taxation and looking to the nature of bank account entries and regular cash deposits and withdrawals this shows that assessee was doing some kind of business activities and preponderance of probabilities for such activities is definitely goes in favour of the assessee. - AO directed to accept the return of income as business income. - AT Highlights Income Tax Mon, 16 Nov 2020 17:31:24 +0530 https://www.taxtmi.com/highlights?id=55521