Section 68 invokable only if books are maintained by Assessee: ITAT Mumbai

Tejsingh Dhansingh Rajpurohit Vs ITO (ITAT Mumbai) Section 68 invokable only if books are maintained by Assessee; No books maintained u/s 44AD? Section 68 addition not sustainable: rules ITAT Mumbai The key issue before the Tribunal was the addition u/s 68 for unexplained cash and cheque deposits in the bank. Assessee, a trader in plastic items filed return under presumptive taxation u/s 44AD. Assessee made total deposits in banks by cash or otherwise at Rs 54,05,402 whereas the gross sales/receipts were disclosed at Rs 27,14,204 only. AO added the difference of ₹26.91 lakh as unexplained. ...