https://www.taxtmi.com/caselaws?id=770807 ITAT Mumbai held that Section 68 cash credit additions can be made even when appellant opts for presumptive taxation under Section 44AD, as neither provision expressly prohibits such additions. The tribunal remanded the matter to AO for fresh examination after appellant claimed purchase transactions were genuine with subsequent banking channel payments not previously verified. AO was directed to investigate genuineness of diamond purchases through "Namo Diamonds" entity and corresponding sales, considering recent precedent regarding fictitious transactions and accommodation entries. Appeal allowed for statistical purposes with remand for proper verification. en-us Wed, 30 Apr 2025 00:00:00 +0530 Fri, 16 May 2025 08:40:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770807 ITAT Mumbai held that Section 68 cash credit additions can be made even when appellant opts for presumptive taxation under Section 44AD, as neither provision expressly prohibits such additions. The tribunal remanded the matter to AO for fresh examination after appellant claimed purchase transactions were genuine with subsequent banking channel payments not previously verified. AO was directed to investigate genuineness of diamond purchases through "Namo Diamonds" entity and corresponding sales, considering recent precedent regarding fictitious transactions and accommodation entries. Appeal allowed for statistical purposes with remand for proper verification. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770807