The Appellate Tribunal considered a case involving additions u/s ...

Assessee wins appeal! Declaring income u/s 44AD protects from additions u/s 68. Bank passbook not a book of accounts.

Case Laws Income Tax

June 8, 2024

The Appellate Tribunal considered a case involving additions u/s 68 where the assessee declared income u/s 44AD for trading grey clothes. The Assessing Officer deemed the trading activity non-genuine due to insufficient documentary evidence. The CIT(A) ruled in favor of the assessee, stating no addition can be made u/s 68 when income is declared u/s 44AD. The Tribunal noted that books of accounts exclude bank passbooks and since the assessee declared income u/s 44AD on a presumptive basis, no requirement for maintaining books of accounts existed. Therefore, the addition u/s 68 on the entire turnover declared u/s 44AD was deemed unjustified, leading to the allowance of the assessee's appeal.

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The Appellate Tribunal considered a case involving additions u/s ...

Assessee wins appeal! Declaring income u/s 44AD protects from additions u/s 68. Bank passbook not a book of accounts.

Case Laws Income Tax

June 8, 2024

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