https://www.taxtmi.com/caselaws?id=466419 Whether section 68 additions can be sustained against an assessee who declared business income under the presumptive taxation regime under section 44AD and therefore did not maintain books. The Tribunal followed coordinate-bench and High Court precedents holding that where income is returned under the presumptive scheme and no books are maintained, unexplained bank entries cannot be treated as unexplained cash credits attractable under section 68; as a consequence, additions based on passbook entries were deleted. The decision relied on prior Tribunal and Bombay High Court authorities applying the same principle. en-us Fri, 28 Feb 2025 00:00:00 +0530 Fri, 06 Feb 2026 19:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466419 Whether section 68 additions can be sustained against an assessee who declared business income under the presumptive taxation regime under section 44AD and therefore did not maintain books. The Tribunal followed coordinate-bench and High Court precedents holding that where income is returned under the presumptive scheme and no books are maintained, unexplained bank entries cannot be treated as unexplained cash credits attractable under section 68; as a consequence, additions based on passbook entries were deleted. The decision relied on prior Tribunal and Bombay High Court authorities applying the same principle. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466419