ITAT says Cash deposits cannot be added on Suspicion

Can cash deposited during demonetisation be treated as unexplained merely because the Revenue finds the timing of the deposits suspicious? Ahmedabad ITAT says no. 

The Tribunal found that the assessee had established its purchases and sales through bills, supplier confirmations, bank records and other documents, while the Assessing Officer had neither rejected the books nor produced evidence showing that the transactions were fictitious.