Cash Deposits Accepted as Sales: ITAT Quashes Full Section 69A Addition on Acceptance of 44AD Presumptive Income

Rashida Yahya Bangalorewala Vs ITO (ITAT Bangalore) Cash Deposits from Son’s Mobile Trading Business – 69A Addition Deleted; Only 8% Presumptive Income Taxable u/s 44AD Assessee, an individual, did not file return originally. Based on RMS data, AO found cash deposits of ₹76,81,000/- in her SBI bank account. Proceedings u/s 148A(b) were initiated & reassessment notice u/s 148 was issued on 15.03.2024. In response, Assessee filed return offering income @ 5% u/s 44AD on turnover of ₹82,50,200/- amounting to ₹4,95,012. She explained that during Covid-19 financial crisis, her son was ...