Sec 44AD: Cash Deposits Within Turnover Not Unexplained; ITAT Deletes Additions Based Only on Survey Statement

Ammati Venkatachalapathisetty Satishkumar Vs ITO (ITAT Bangalore) Presumptive Taxation U/s 44AD – Cash Deposits Within Turnover Cannot Be Treated as Unexplained – Additions Based Only on Survey Statement Deleted – ITAT Bangalore Assessee, a retail trader running proprietary concern M/s Kumar Traders, declared income under presumptive scheme u/s 44AD. During survey proceedings, AO made multiple additions including ₹19 lakh cash deposits, ₹22.75 lakh investment in shop, ₹28.73 lakh income admitted during survey, and ₹22.75 lakh estimated profit based on alleged unaccoun...