Addition u/s 69A - AIR information revealed cash deposits in ...

Cash deposits in savings account of a contractor - Revenue failed to rebut presumptive income u/s 44AD.

Case Laws Income Tax

October 14, 2024

Addition u/s 69A - AIR information revealed cash deposits in assessee's savings bank account - assessee applied Section 44AD of the Act on business income. Held: Assessee was a contractor before appointment, and Revenue did not dispute this. Section 44AD allows computing business profits on presumptive basis for eligible businesses at 8% of turnover. Assessee's business fell under eligible category. AO did not provide evidence that cash deposits were not from business. In absence of contrary evidence, assessee's business was eligible u/s 44AD, and cash deposits were from business. 10% profit offered by assessee u/s 44AD accepted. CIT(A)'s order failed, assessee's grounds allowed.

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Addition u/s 69A - AIR information revealed cash deposits in ...

Cash deposits in savings account of a contractor - Revenue failed to rebut presumptive income u/s 44AD.

Case Laws Income Tax

October 14, 2024

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