Assessee failed to file return of income u/s 139 but received ...

Assessee failed to file return, received notice u/s 148. Despite presumptive taxation, liable to maintain books u/s 44AA.

July 27, 2024

Case Laws Income Tax AT

Assessee failed to file return of income u/s 139 but received notice u/s 148. Despite opting for presumptive taxation scheme u/s 44AD, which does not require maintaining books of accounts, assessee was liable to maintain books as stipulated u/s 44AA. Assessee cannot claim benefit of not complying with Section 68 regarding unexplained cash deposits in bank account. Assessee was required to explain sources, genuineness, and creditors' creditworthiness regarding cash deposits as per Section 68. Failing to do so, authorities rightly invoked Section 68 and added cash deposits as assessee's income under its deeming fiction. Case laws relied upon by assessee were decided on their own facts and inapplicable. Assessee's appeal dismissed.

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Assessee failed to file return of income u/s 139 but received ...

Assessee failed to file return, received notice u/s 148. Despite presumptive taxation, liable to maintain books u/s 44AA.

July 27, 2024

Case Laws Income Tax AT

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