https://www.taxtmi.com/caselaws?id=773719 ITAT Ahmedabad allowed the assessee's appeal against additions made under Section 68 for cash deposits during demonetization and unsecured loans. The court held that the AO and CIT(A) disregarded facts that the assessee, filing returns under presumptive taxation scheme Section 44AD, was not required to maintain books of account. The authorities failed to consider that majority of loans were taken in preceding year and made additions without proper application of mind. The matter was remanded to AO for fresh assessment considering all facts on record. en-us Fri, 20 Jun 2025 00:00:00 +0530 Fri, 27 Jun 2025 08:36:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773719 ITAT Ahmedabad allowed the assessee's appeal against additions made under Section 68 for cash deposits during demonetization and unsecured loans. The court held that the AO and CIT(A) disregarded facts that the assessee, filing returns under presumptive taxation scheme Section 44AD, was not required to maintain books of account. The authorities failed to consider that majority of loans were taken in preceding year and made additions without proper application of mind. The matter was remanded to AO for fresh assessment considering all facts on record. Case-Laws Income Tax Fri, 20 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773719