https://www.taxtmi.com/caselaws?id=771134 The ITAT Pune dismissed the Revenue's appeal in a case involving addition under section 68 for loans from three parties and disallowance of purchases. The CIT(A) had deleted the section 68 addition after finding the assessee's explanations satisfactory, with the Department unable to controvert the details provided. Regarding purchase disallowance, despite the assessee's turnover increasing from Rs. 0.30 crore to Rs. 4.64 crore, the ITAT upheld the CIT(A)'s decision noting the assessee declared 9.34% net profit, which exceeded the 8% presumptive rate under section 44AD. The purchases were supported by invoices, banking payments, and TDS deductions. en-us Fri, 16 May 2025 00:00:00 +0530 Wed, 21 May 2025 08:29:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771134 The ITAT Pune dismissed the Revenue's appeal in a case involving addition under section 68 for loans from three parties and disallowance of purchases. The CIT(A) had deleted the section 68 addition after finding the assessee's explanations satisfactory, with the Department unable to controvert the details provided. Regarding purchase disallowance, despite the assessee's turnover increasing from Rs. 0.30 crore to Rs. 4.64 crore, the ITAT upheld the CIT(A)'s decision noting the assessee declared 9.34% net profit, which exceeded the 8% presumptive rate under section 44AD. The purchases were supported by invoices, banking payments, and TDS deductions. Case-Laws Income Tax Fri, 16 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771134