Cash Deposit Addition Quashed for Trader Covered by Section 44AD

Ghamanda Ram Vs ITO (ITAT Chandigarh) Presumptive Taxation Overrides Section 68 – ITAT Chandigarh Deletes ₹15.36 Lakh Cash Credit Addition and Directs Re-Computation Under Section 44AD The Chandigarh Bench of the ITAT allowed the assessee’s appeal for AY 2017-18 and deleted the addition of ₹15.35 lakhs made u/s 68, holding that once income is assessed under the presumptive scheme u/s 44AD, no part of turnover or deposits can be separately treated as unexplained cash credits. The assessee, a small cloth trader, had originally declared turnover of ₹7.65 lakhs and later, in response to ...