Bank Deposits Part of Presumptive Income: ITAT Delhi Quashes AO’s Addition

Surender Singh Vs ITO (ITAT Delhi) Sec.44AD Shield: Business Receipts in Bank Not Unexplained Cash Credits; Tribunal Deletes Addition on Cash Deposits – Already Counted in Presumptive Income Assessee had filed his return of income for AY 2012-13 under the presumptive taxation scheme u/s 44AD, declaring turnover of ₹21.42 lakh & income of ₹2.54 lakh (business profit ₹2.51 lakh). The case was reopened because Assessee had made cash deposits of ₹15.91 lakh in his bank account, which AO treated as unexplained & added back to income. Assessee explained that the deposits were noth...