https://www.taxtmi.com/highlights?id=78300 The Appellate Tribunal considered a case involving additions u/s 68 where the assessee declared income u/s 44AD for trading grey clothes. The Assessing Officer deemed the trading activity non-genuine due to insufficient documentary evidence. The CIT(A) ruled in favor of the assessee, stating no addition can be made u/s 68 when income is declared u/s 44AD. The Tribunal noted that books of accounts exclude bank passbooks and since the assessee declared income u/s 44AD on a presumptive basis, no requirement for maintaining books of accounts existed. Therefore, the addition u/s 68 on the entire turnover declared u/s 44AD was deemed unjustified, leading to the allowance of the assessee's appeal. en-us Sat, 08 Jun 2024 09:05:06 +0530 Sat, 08 Jun 2024 09:05:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78300 The Appellate Tribunal considered a case involving additions u/s 68 where the assessee declared income u/s 44AD for trading grey clothes. The Assessing Officer deemed the trading activity non-genuine due to insufficient documentary evidence. The CIT(A) ruled in favor of the assessee, stating no addition can be made u/s 68 when income is declared u/s 44AD. The Tribunal noted that books of accounts exclude bank passbooks and since the assessee declared income u/s 44AD on a presumptive basis, no requirement for maintaining books of accounts existed. Therefore, the addition u/s 68 on the entire turnover declared u/s 44AD was deemed unjustified, leading to the allowance of the assessee's appeal. Highlights Income Tax Sat, 08 Jun 2024 09:05:06 +0530 https://www.taxtmi.com/highlights?id=78300