https://www.taxtmi.com/caselaws?id=771601 ITAT Mumbai held that for an assessee engaged in egg trading business operating primarily on cash basis, section 44AD provisions should apply for income determination rather than section 69A additions for unexplained deposits during demonetization period. The tribunal observed discrepancies between gross total income shown by assessee and profit & loss account figures, with purchases and sales at Rs. 1,17,89,133 and Rs. 1,26,99,332 respectively. Considering the cash-based nature of egg trading business, additions made by AO and affirmed by Commissioner were deleted. AO was directed to re-compute profit and tax liability by applying section 44AD provisions to gross receipts/sales. Appeal allowed. en-us Mon, 26 May 2025 00:00:00 +0530 Wed, 28 May 2025 08:26:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771601 ITAT Mumbai held that for an assessee engaged in egg trading business operating primarily on cash basis, section 44AD provisions should apply for income determination rather than section 69A additions for unexplained deposits during demonetization period. The tribunal observed discrepancies between gross total income shown by assessee and profit & loss account figures, with purchases and sales at Rs. 1,17,89,133 and Rs. 1,26,99,332 respectively. Considering the cash-based nature of egg trading business, additions made by AO and affirmed by Commissioner were deleted. AO was directed to re-compute profit and tax liability by applying section 44AD provisions to gross receipts/sales. Appeal allowed. Case-Laws Income Tax Mon, 26 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771601