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No books of accounts to be maintained If Income was offered on Presumptive Basis u/s 44AD
Case Law Details
- Case Name
- Pramod Pareek Vs ITO (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-2009
- Courts
- All ITAT, ITAT Jaipur
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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 he was not required to maintain any books of accounts as income was declared u/s 44AD for which assessee furnished copies o...
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