https://www.taxtmi.com/caselaws?id=423901 The appeal was allowed by the ITAT, granting relief on the primary grounds related to additions under Section 68 of the Income Tax Act. The Commissioner of Income Tax (Appeals) partially accepted the assessee's explanation, reducing the addition made by the Assessing Officer. The ITAT emphasized that under Section 44AD, the assessee is not required to maintain books of account, thus disallowing separate additions under Section 68. Additionally, the ITAT allowed the additional ground of set off of losses from derivative transactions for verification by the AO, leading to the appeal's success. en-us Wed, 15 Jun 2022 00:00:00 +0530 Fri, 17 Jun 2022 09:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423901 The appeal was allowed by the ITAT, granting relief on the primary grounds related to additions under Section 68 of the Income Tax Act. The Commissioner of Income Tax (Appeals) partially accepted the assessee's explanation, reducing the addition made by the Assessing Officer. The ITAT emphasized that under Section 44AD, the assessee is not required to maintain books of account, thus disallowing separate additions under Section 68. Additionally, the ITAT allowed the additional ground of set off of losses from derivative transactions for verification by the AO, leading to the appeal's success. Case-Laws Income Tax Wed, 15 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423901