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2023 (12) TMI 22 - AT - Income TaxAddition u/s 68/69 when the income was estimated u/s 44AD - AO has not accepted this income offered by the assessee from business and considered the income of the assessee u/s 44AD oat 8% of total turnover and determined the same - AO picked up the credit entries with regard to deposit of SBN notes at Rs. 1 Crore to his bank account and made addition on this count - HELD THAT:- Once the ld. AO rejected the books of accounts and estimated the income of the assessee, thereafter he is precluded from considering any other entries in the books of accounts, so as to make addition u/s 68 or 69 of the Act. Being so, the judgement of Shri Thomas Eapen [2019 (11) TMI 1240 - ITAT COCHIN] is directly on the issue under dispute. Accordingly, the addition is deleted. AO made addition u/s 68 of the Act on account of cash deposit by the assessee into his bank account during demonetization period and the said cash deposit was emanated from the sale proceeds, which is already included in the total turnover disclosed by the assessee and the revenue accepted that as a revenue receipt, once again invoking the provisions of section 68 of the Act towards the said cash deposit into bank account would result in double taxation, which cannot be permitted. Accordingly, the addition is deleted. This view of ours is supported by case of Anantpur Kalpana [2021 (12) TMI 599 - ITAT BANGALORE] On this count also, addition cannot be sustained. Accordingly, we allow the grounds taken by the assessee.
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