Assessee filed a return of income declaring income under section 44AD. Assessee had deposits in his three bank accounts maintained with HDFC Bank, and while declaring an income under section 44AD in his return of income, assessee disclosed turnover\/ gross receipts at Rs. 55.49 lakhs. Assessing Officer made an addition under section 68, treating cash deposits as unexplained, alleging a lack of documentary evidence for business activity. CIT(A) confirmed the addition. On appeal, the Tribunal held that since cash deposits forming the basis of addition under section 68 were already included in turnover declared by the assessee under section 44AD, and the Assessing Officer had not shown that such deposits were different from business receipts, the addition as sustained by the Commissioner (Appeals) was deleted. (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 44AD : Presumptive basis-Cash credits-Bank deposits-Treated as turnover-Assessing Officer had not shown that such deposits were different from business receipts; addition as sustained by Commissioner (Appeals) was deleted.[S.68] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-60884","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fQ0","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=60884"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60884\/revisions"}],"predecessor-version":[{"id":60885,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60884\/revisions\/60885"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=60884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=60884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=60884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}