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Goat Trader Fails to Explain ₹7.10 Crore Bank Deposits: ITAT Upholds Section 69A Addition Despite U/s 44AD Claim
Case Law Details
- Case Name
- Mohamed Asmi Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Chennai
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Mohamed Asmi Vs ITO (ITAT Chennai)
Goat Trader Fails to Explain ₹7.10 Crore Bank Deposits: ITAT Upholds Section 69A Addition Despite 44AD Claim
The Chennai ITAT upheld massive addition of ₹7.10 crore under Section 69A against a goat trader who claimed that huge bank deposits represented cash-based business receipts from rural goat trading and commission transactions. The Tribunal held that presumptive taxation under Section 44AD cannot be used as a shield to regularize unexplained money when the assessee fails to substantiate the nature and source of deposits.
The assessee...
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