In a recent case, the Amritsar Bench of the Income-Tax Appellate Tribunal (ITAT) reaffirmed that an assessee who has availed of the presumptive taxation scheme (PTS) under Section 44AD of the IncomeTax (I-T) Act has no liability to maintain books of account.
In the Sarabjeet Singh versus I-T Office case, the assessee had filed his I-T returns (ITR) under PTS.
The assessing officer (AO) noticed a large deposit of cash in the assessee's bank account, which was later withdrawn for business purposes. The AO treated the deposit as part of the assessee's total income and passed an order for reassessment under Section 143(3)/147.
The ITAT, however, took the view that once under special provision, the assessee was exempt from maintaining books of account.
His taxable income had to be calculated as 8 per cent of gross receipt, and the assessee was not obliged to explain individual entries of cash deposits in the bank, unless such entries had no nexus with gross receipts.
この記事は Business Standard の November 03, 2022 版に掲載されています。
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