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2019 (3) TMI 376 - AT - Income TaxUnexplained cash credit u/s 68 - Return filed on presumptive basis u/s 44AD - Assessee not required to maintain any books of accounts u/s 44AA(2)(iv) - AO accepted taxability u/s 44AD - HELD THAT:- It is observed from the record that the assessee offered profit at eight per cent. and the Assessing Officer accepted claim of exemption of non-maintenance of books as provided under section 44AA(2)(iv) of the Act. Therefore, in view of the discussion made hereinabove in respect of two decisions of KAMAL KUMAR MISHRA [2014 (1) TMI 71 - ITAT LUCKNOW] and YADWINDER SINGH VERSUS INCOME-TAX OFFICER [2016 (2) TMI 911 - ITAT AMRITSAR] in our opinion the addition made by the Assessing Officer under section 68 of the Act and confirmed by the Commissioner of Income-tax (Appeals) is liable to be deleted. We find that the assessee has furnished the details as required by the Assessing Officer and possible explanation along with confirmation with regard to the different deposits made in the banks as well as withdrawals from Sahara India. Therefore, it is clear that the assessee provided the identity and creditworthiness of said two donors. Referring to summary of statements of the two donors suggests that the assessee has furnished explanation and the Assessing Officer examined the veracity of details of the said explanation along with the confirmations of the said donors and accepted the gift given by the mother-in-law to an extent of ₹ 1,32,000. Therefore, in our opinion, as discussed above, in terms of the decisions as relied on by the assessee, the addition made by the Assessing Officer and confirmed by the Commissioner of Income-tax (Appeals) is deleted. - Decided in favour of assessee
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