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The Tribunal held that the Assessing Officer's finding that the cash deposits were on a higher side was based on conjectures and surmises. The AO calculated the average daily turnover and concluded that a cash deposit of Rs. 2,49,998/- on a single day (10.11.2019) was not possible. However, the Tribunal noted that the assessee's contention that the sale was duly reflected in the VAT returns was not rebutted by the Revenue with any adverse material. In the absence of contrary evidence, the addition could not be sustained on assumptions and presumptions. Therefore, the Tribunal directed the AO to delete the impugned addition. The grounds raised in the appeal were allowed. The Tribunal did not expressly leave any issue undecided.
