Section 69A Addition on Demonetisation Deposits Deleted in 44AD Presumptive Case: ITAT Delhi

ITO Vs Hema Arora (ITAT Delhi) Section 69A Addition on Demonetisation Cash Deposits Deleted in Presumptive Taxation Case under Section 44AD: ITAT Delhi In ITO vs Hema Arora (AY 2017-18), the ITAT Delhi dismissed the Revenue’s appeal and upheld deletion of ₹79.85 lakh addition made u/s 69A relating to demonetisation cash deposits. The assessee, a small textile trader, declared income on presumptive basis u/s 44AD and explained that deposits were from Diwali-season cash sales and past savings. The Tribunal observed that turnover declared (₹1.02 crore) was higher than the deposits and suppo...