https://www.taxtmi.com/caselaws?id=761693 ITAT Amritsar allowed the appeal, deleting additions made under section 68 for unexplained cash deposits. The tribunal held that section 68 provisions cannot be invoked when the assessee files returns under section 44AD without maintaining books of accounts. The AO had accepted the return filed under section 44AD and made no finding that transactions were not genuine. Additionally, the assessee was entitled to telescoping benefit of cash withdrawals from the same bank account, which the lower authorities failed to consider despite requisite bank statements being furnished. en-us Tue, 10 Sep 2024 00:00:00 +0530 Thu, 14 Nov 2024 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761693 ITAT Amritsar allowed the appeal, deleting additions made under section 68 for unexplained cash deposits. The tribunal held that section 68 provisions cannot be invoked when the assessee files returns under section 44AD without maintaining books of accounts. The AO had accepted the return filed under section 44AD and made no finding that transactions were not genuine. Additionally, the assessee was entitled to telescoping benefit of cash withdrawals from the same bank account, which the lower authorities failed to consider despite requisite bank statements being furnished. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761693