No Section 68 Addition on Income Already Offered u/s 44AD: Delhi ITAT

Advertisement Anshika Mishra Vs ACIT (ITAT Delhi) Delhi ITAT Deletes 44AD Addition – Gross Receipts Already Offered to Tax Cannot Again Be Treated as Unexplained Credits u/s 68 The Delhi ITAT deleted additions made against the assessee after holding that receipts already disclosed under the presumptive taxation scheme of section 44AD cannot again be taxed as unexplained cash credits under section 68. The Tribunal strongly reiterated that the same receipts cannot be subjected to double taxation merely because the AO was dissatisfied with the supporting documentation. The assessee, an i...