Cash Deposits Explained by Withdrawals – ITAT Ahmedabad Deletes Addition

Jitudan Ravatdan Gadhvi Vs ITO (ITAT Ahmedabad) Cash Deposits Explained by Withdrawals – ITAT Ahmedabad Deletes Addition of ₹12.44 Lakh; Deposits Not Unexplained, But Business Redeployment – ITAT Deletes Sec.68 Addition Assessee, a small contractor from Gujarat, was subjected to reassessment after AO noticed cash deposits of ₹11.94 lakh in his Bank account. As Assessee did not respond to statutory notices, AO completed a best-judgment assessment u/s 144, treating deposits as unexplained cash credits u/s 68 & adding ₹12,44,754 (including bank interest). CIT(A) dismissed the appea...