Demonetised Cash Deposit Addition on mere presumption not sustainable

Arbuda Builders Vs ACIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad recently addressed a case involving Arbuda Builders, a civil construction firm, and the Assistant Commissioner of Income Tax (ACIT) concerning cash deposits made during India’s demonetization period in 2016. Arbuda Builders filed an appeal against a National Faceless Appeal Centre (NFAC) order dated October 31, 2023, upholding a portion of the assessment related to unexplained cash deposits. Background of the Case Arbuda Builders, a firm engaged in civil construction work for the National Dairy Develo...