9911796707
TMI BlogCash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to...Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from maintaining books of accounts is provided u/s 44AD and presumptive tax @ 8% of gross receipts is basis for determining taxable income, assessee not obligated to explain individual cash deposit unless no nexus with gross receipts. Assessee holding drug license filed return declaring gross receipts u/s 44AD accepted by AO. Assessee to satisfy cash deposited has nexus with disclosed sales. Assessee showed cash sales in Oct-Nov 2016, cash deposited in Nov 2016, source reported to Revenue as per demonetization filings. Sales vouchers, cash book filed verifying deposits from sales..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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