Cash Deposits Already Covered Under Presumptive Income u/s 44AD – No 69A Addition

Hanif Osman Ravda Vs ITO (ITAT Rajkot) Presumptive Income u/s 44AD Covers Cash Deposits – No Further 69A Addition; Entire ₹13.71 Lakh Deleted in Assessee’s Favour Assessee, a small trader in cutlery, did not file return u/s 139(1) as his income was below taxable limit. AO obtained information of cash deposits of ₹13,71,365 in Union Bank account & issued notice u/s 148 on 27.03.2019. Assessee replied but did not file return in time. AO completed assessment u/s 143(3) r.w.s. 147, treating the entire cash deposits as unexplained money u/s 69A, ignoring Assessee’s business explanatio...