https://www.taxtmi.com/caselaws?id=405985 Business receipts accepted under the presumptive scheme of section 44AD cannot ordinarily be split out for separate additions where the disputed cash, payments, interest and alleged expenditure are found to be business-linked and within the disclosed turnover. The Tribunal held that, on the facts, the items merged in the presumptive computation and could not be treated as unexplained or unverified merely because of a later statement under section 131, especially when the assessee had already explained that no books were maintained because income was declared under section 44AD. The additions were therefore not sustainable and relief granted by the Commissioner (Appeals) was upheld. en-us Thu, 18 Mar 2021 00:00:00 +0530 Sat, 03 Apr 2021 08:43:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405985 Business receipts accepted under the presumptive scheme of section 44AD cannot ordinarily be split out for separate additions where the disputed cash, payments, interest and alleged expenditure are found to be business-linked and within the disclosed turnover. The Tribunal held that, on the facts, the items merged in the presumptive computation and could not be treated as unexplained or unverified merely because of a later statement under section 131, especially when the assessee had already explained that no books were maintained because income was declared under section 44AD. The additions were therefore not sustainable and relief granted by the Commissioner (Appeals) was upheld. Case-Laws Income Tax Thu, 18 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405985