S.68 Invocable Only If Taxpayer Maintain Books: ITAT deletes Addition as Returns Filed u/s 44AD [Read Order]
Considering that the taxpayer filed returns under Section 44AD, ITAT deletes the addition regarding unexplained cash deposits
By Kavi Priya - On September 25, 2024 8:44 am - 2 mins read
The Amritsar Bench of Income Tax Appellate Authority ( ITAT ) ruled that Section 68 of the Income Tax Act,1961 can only be invoked if the taxpayer maintains books of accounts. In this case, the assessee filed an income tax return under Section 44AD which does not require books of accounts. Ishtiaq Ahmad Rather, the…
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