https://www.taxtmi.com/highlights?id=82189 Addition u/s 69A - AIR information revealed cash deposits in assessee's savings bank account - assessee applied Section 44AD of the Act on business income. Held: Assessee was a contractor before appointment, and Revenue did not dispute this. Section 44AD allows computing business profits on presumptive basis for eligible businesses at 8% of turnover. Assessee's business fell under eligible category. AO did not provide evidence that cash deposits were not from business. In absence of contrary evidence, assessee's business was eligible u/s 44AD, and cash deposits were from business. 10% profit offered by assessee u/s 44AD accepted. CIT(A)'s order failed, assessee's grounds allowed. en-us Mon, 14 Oct 2024 08:43:23 +0530 Mon, 14 Oct 2024 08:43:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82189 Addition u/s 69A - AIR information revealed cash deposits in assessee's savings bank account - assessee applied Section 44AD of the Act on business income. Held: Assessee was a contractor before appointment, and Revenue did not dispute this. Section 44AD allows computing business profits on presumptive basis for eligible businesses at 8% of turnover. Assessee's business fell under eligible category. AO did not provide evidence that cash deposits were not from business. In absence of contrary evidence, assessee's business was eligible u/s 44AD, and cash deposits were from business. 10% profit offered by assessee u/s 44AD accepted. CIT(A)'s order failed, assessee's grounds allowed. Highlights Income Tax Mon, 14 Oct 2024 08:43:23 +0530 https://www.taxtmi.com/highlights?id=82189