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Sec 44AD: Cash Deposits Within Turnover Not Unexplained; ITAT Deletes Additions Based Only on Survey Statement
Case Law Details
- Case Name
- Ammati Venkatachalapathisetty Satishkumar Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Bangalore
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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...
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