Section 69A Addition Quashed Where Presumptive Income Was Declared

Priti Suresh Purohit Vs ACIT (ITAT Mumbai)

Presumptive Income Upheld; Technical Reopening Issues- JAO vs FAO- Kept Open Pending Supreme Court—ITAT Deletes Section 69A Addition under 44AD

The Mumbai SMC Bench of the ITAT allowed the assessee’s appeals for AYs 2020-21 to 2022-23, holding that receipts duly offered under the presumptive taxation scheme of section 44AD cannot be treated as unexplained money under section 69A, merely on the basis of a statement recorded during searchPlease become a Premium member. If you are already a Premium member, login here to access the full content.