https://www.taxtmi.com/caselaws?id=458760 The ITAT Nagpur ruled in favor of the assessee who filed returns under Section 44AD presumptive taxation scheme. The AO made additions under Sections 69A and 68 for cash found in locker and opening balance respectively. The tribunal held that since the assessee operated under Section 44AD without maintaining books of account and had submitted sales registers, the returned income should be accepted. The abnormal profit shown was justified under presumptive taxation provisions. The addition under Section 69A was deleted as insufficient evidence existed to prove unexplained investment. The Section 68 addition for opening balance was also deleted since the closing balance from previous year was already accepted by the department. en-us Wed, 08 Jun 2022 00:00:00 +0530 Fri, 15 Nov 2024 08:26:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458760 The ITAT Nagpur ruled in favor of the assessee who filed returns under Section 44AD presumptive taxation scheme. The AO made additions under Sections 69A and 68 for cash found in locker and opening balance respectively. The tribunal held that since the assessee operated under Section 44AD without maintaining books of account and had submitted sales registers, the returned income should be accepted. The abnormal profit shown was justified under presumptive taxation provisions. The addition under Section 69A was deleted as insufficient evidence existed to prove unexplained investment. The Section 68 addition for opening balance was also deleted since the closing balance from previous year was already accepted by the department. Case-Laws Income Tax Wed, 08 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458760