ITAT allows Benefit to assessee for availing section 44AD for non-maintaining books of account

Sarabjeet Singh Vs ITO (ITAT Amritsar) The brief fact of the case that the assessee is a trader &filed his return u/s 139(1) by taking the benefit of presumptive scheme u/s 44AD of the Act. During the F.Y. 2010-11 related A.Y. 2011-12 the turnover was 15,50,000/- & declared total income of Rs.1,40,880/-. The notice u/s 148 was issued for depositing the cash in assessee’s bank account amount of Rs.12,66,500/-. Accordingly, the notice u/s 133(6) was issued for verification of transaction. The assessee’s claim was that the amount was deposited in the bank account, out of his gross rec...