https://www.taxtmi.com/caselaws?id=461520 ITAT Nagpur held that returned income filed under section 44AD cannot be treated as unexplained money under section 69A. The assessee operated a small retail business without maintaining books of accounts and filed returns under presumptive taxation provisions. The Assessing Officer failed to provide sufficient evidence to invoke section 69A. Since the assessee submitted sales accounts and capital position showing cash balance, and the department had previously accepted similar returns under section 44AD, the tribunal directed that the returned income be accepted as regular business income rather than unexplained money. en-us Wed, 08 Jun 2022 00:00:00 +0530 Thu, 10 Apr 2025 21:03:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461520 ITAT Nagpur held that returned income filed under section 44AD cannot be treated as unexplained money under section 69A. The assessee operated a small retail business without maintaining books of accounts and filed returns under presumptive taxation provisions. The Assessing Officer failed to provide sufficient evidence to invoke section 69A. Since the assessee submitted sales accounts and capital position showing cash balance, and the department had previously accepted similar returns under section 44AD, the tribunal directed that the returned income be accepted as regular business income rather than unexplained money. Case-Laws Income Tax Wed, 08 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461520