Section 69A Addition Quashed Where Presumptive Income Was Declared

Priti Suresh Purohit Vs ACIT (ITAT Mumbai) Presumptive Income Upheld; Technical Reopening Issues- JAO vs FAO- Kept Open Pending Supreme Court—ITAT Deletes Section 69A Addition under 44AD The Mumbai SMC Bench of the ITAT allowed the assessee’s appeals for AYs 2020-21 to 2022-23, holding that receipts duly offered under the presumptive taxation scheme of section 44AD cannot be treated as unexplained money under section 69A, merely on the basis of a statement recorded during search. The assessee, a small labour contractor, had declared gross receipts of ₹4.78 lakh and offered ₹1.25 lakh ...