https://www.taxtmi.com/caselaws?id=776194 The ITAT Mumbai held that no addition under section 68 could be made regarding cash and cheque deposits, treating them as business receipts. The profit was to be computed presumptively at 8% under section 44AD, allowing the assessee's alternate prayer. Additionally, the disallowance of deduction under section 80C was set aside, as the assessee had furnished valid LIC premium payment receipts. The AO was directed to allow the deduction accordingly. Both grounds raised by the assessee were allowed. en-us Mon, 04 Aug 2025 00:00:00 +0530 Wed, 06 Aug 2025 08:19:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776194 The ITAT Mumbai held that no addition under section 68 could be made regarding cash and cheque deposits, treating them as business receipts. The profit was to be computed presumptively at 8% under section 44AD, allowing the assessee's alternate prayer. Additionally, the disallowance of deduction under section 80C was set aside, as the assessee had furnished valid LIC premium payment receipts. The AO was directed to allow the deduction accordingly. Both grounds raised by the assessee were allowed. Case-Laws Income Tax Mon, 04 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776194