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Presumptive Taxation Applied Because Business Receipts Can’t Be Fully Treated as Unexplained
Case Law Details
- Case Name
- Smt. Navjot Kaur Vs ITO (ITAT Amritsar)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Amritsar
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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 unexpla...
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