No books of accounts to be maintained If Income was offered on Presumptive Basis u/s 44AD

Pramod Pareek Vs ITO (ITAT Jaipur)

Conclusion: Where income was offered on presumptive basis under section 44AD, there was no need to maintain books of accounts therefore addition made against the vegetable vendor was deleted for failure to substantiate the unexplained cash deposit.

Held: During the course of assessment proceedings, AO found that assessee had made cash sales of Rs.17,76,160/- against cash purchase of Rs. 1,90,500/- only. He submitted that

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