No section 68 addition based on turnover declared under section 44AD

Advertisement DCIT Vs Kalpesh Kantilal Gada (ITAT Mumbai) In the case of DCIT Vs Kalpesh Kantilal Gada, ITAT Mumbai delivered a significant verdict regarding the treatment of turnover declared under section 44 AD of the Income Tax Act. The Revenue had contested the legitimacy of turnover disclosed by the assessee, resulting in an addition under section 68. However, the ITAT’s decision sheds light on the interpretation and application of these provisions. The appeal stemmed from the Revenue’s dissatisfaction with the Commissioner of Income Tax, Appeals’ decision favoring th...