Presumptive Taxation Applied Because Business Receipts Can’t Be Fully Treated as Unexplained

Smt. Navjot Kaur Vs ITO (ITAT Amritsar) Presumptive Taxpayer Gets Relief: Entire Cash Deposits Can’t Be Treated as Unexplained – Lump Sum Addition Sustained Amritsar ITAT   granted substantial relief to a small business Assessee by holding that entire cash deposits cannot automatically be taxed as unexplained u/s 69/69A when income is declared on presumptive basis u/s 44AD. The Assessee, running a sweet shop-cum-restaurant, had deposited ₹23.79 lakh in her savings bank account. AO, in best-judgment reassessment u/s 144 r.w.s. 147, treated the entire deposits as unexplained, which was c...