Cash credits recorded in book attract Section 68 even under presumptive taxation

Kishan Kumar Gupta Vs ITO (ITAT Delhi)

In Kishan Kumar Gupta vs ITO (ITA No. 3842/DEL/2019, order dated 12.02.2025), the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the assessee’s appeal concerning additions under Sections 68 and 44AD of the Income Tax Act, 1961.

The assessee, a trader in agro and vegetable products, declared income under the presumptive taxation scheme of Section 44AD based on 8% of turnover amounting to ₹52,80,325 for Assessment Year 2014–15. He claimed that he was not required to maintain books of accounts. During

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