No addition u/s 68 as taxpayer did not maintain books of accounts

Ishtiaq Ahmad Rather Vs ITO (ITAT Amritsar)

Conclusion: Addition of cash deposit under section 68 was not justified as the same could only be invoked if the taxpayer maintained books of accounts and assessee filed an income tax return under Section 44AD which did not require books of accounts.

Held: Assessee was engaged in retail trading of hardware and ceramics, filed a presumptive income return under Section 44AD for the assessment year 2016-17. AO found that assessee had deposited Rs.1195000 and Rs. 8658000 in the HDFC savings bank accoun

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