{"id":26086,"date":"2022-03-28T16:28:53","date_gmt":"2022-03-28T10:58:53","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=26086"},"modified":"2022-03-30T06:38:32","modified_gmt":"2022-03-30T01:08:32","slug":"section-68-and-44ad","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/section-68-and-44ad\/","title":{"rendered":"Section 68 and 44AD"},"content":{"rendered":"<p>The assessee is an individual engaged in the retail trade business. He has offered the income u\/s 44AD by applying net profit rate at 10% of gross receipts of Rs. 15,10,125\/-. For A.Y 2015-16, on the basis of information that assessee has deposited cash of Rs.8,70,500\/- in bank. In response to notice u\/s 148, the assessee has stated this cash is deposited out of his business receipts of Rs. 15,10,125\/- and which is more than cash deposited in savings bank and therefore no addition on account of unexplained cash deposit in the bank account can be made. The AO has not appreciated the explanation of the assessee and made the addition of entire cash deposits of Rs. 8,70,500\/-.<\/p>\n<p>Is action of AO justified ?<\/p>\n<p>Please Guide.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[22],"qa_category":[23],"qa_tag":[147,535,542,538],"class_list":["post-26086","qa","type-qa","status-publish","hentry","qa_expert-advocate-neelam-jadhav","qa_category-income-tax","qa_tag-cash-credits","qa_tag-cash-deposit","qa_tag-presumptive-taxation","qa_tag-section-68"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/26086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=26086"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=26086"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=26086"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=26086"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=26086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}