https://www.taxtmi.com/caselaws?id=756110 ITAT Ahmedabad dismissed assessee's appeal against addition under Section 68 for unexplained cash deposits in bank account. Despite assessee's argument that presumptive taxation scheme under Section 44AD exempts from maintaining books of accounts, tribunal held that failure to maintain statutory books under Section 44AA cannot justify non-compliance with Section 68 requirements. Assessee failed to explain sources, genuineness, and creditworthiness of cash deposits, warranting addition as income under deeming fiction of Section 68. en-us Thu, 25 Jul 2024 00:00:00 +0530 Sat, 27 Jul 2024 08:46:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756110 ITAT Ahmedabad dismissed assessee's appeal against addition under Section 68 for unexplained cash deposits in bank account. Despite assessee's argument that presumptive taxation scheme under Section 44AD exempts from maintaining books of accounts, tribunal held that failure to maintain statutory books under Section 44AA cannot justify non-compliance with Section 68 requirements. Assessee failed to explain sources, genuineness, and creditworthiness of cash deposits, warranting addition as income under deeming fiction of Section 68. Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756110