Section 44AD Case Can’t Become Blanket Cash Addition; ITAT Surat Sets Aside ₹5.09 Cr Assessment

Zakir Yakubbhai Patel Vs ITO (ITAT Surat) 44AD Case Can’t Be Turned Into Blanket Cash Addition: ITAT Surat Sets Aside ₹5.09 Cr Assessment for Fresh Verification Surat ITAT set aside the assessment and appellate orders and restored the entire matter to the file of the AO for fresh adjudication. The Assessee, a trader, had declared income u/s 44AD and admittedly did not maintain regular books of account. The AO, while scrutinising demonetisation-period transactions, treated entire bank deposits and credit entries aggregating to ₹2.43 crore as unexplained income, and further made additions ...