Taxpayer's Cash Deposit Initially Unexplained, Later Recognized as Business Income u/s 44AF; Decision Overturned.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Unexplained cash deposit in the Bank A/c - in the subsequent assessment year the A.O. himself has accepted that the S.B. A/c of the assessee is used for his business transactions and since the assessee has opted for presumptive taxation under section 44AF lower authorities are not justified in sustaining the addition as unexplained cash deposit in the Bank - AT....