ITAT Upholds Income Declared Under Section 44AD; Cash Deposit Addition Deleted

Anil Kumar Vs ITO (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi bench has granted significant relief to a taxpayer, Anil Kumar, by deleting an addition of Rs. 20,58,000 made under Section 69A of the Income-tax Act, 1961, for unexplained cash deposits. The Tribunal’s decision reaffirms that taxpayers declaring income under the presumptive taxation scheme of Section 44AD are generally not required to maintain detailed books of account or furnish vouchers, and cash deposits traceable to declared gross receipts under this section should not be treated as unexplained. The appeal was...