AdvertisementITO Vs Vishal Ornaments Private Limited (ITAT Ahmedabad) Ahmedabad ITAT: Demonetisation Cash Deposits Cannot Be Treated as Unexplained Income Merely Because Sales Increased Before 8 November 2016 The Ahmedabad ITAT dismissed the Revenue’s appeal and upheld the deletion of the addition made on account of cash deposits during the demonetisation period, holding that cash deposits cannot be treated as unexplained income merely because the assessee recorded substantial cash sales immediately before demonetisation, when such sales formed part of its regular business pattern. The Assessing Offi...