Cash balance available in books deposited in bank is not unexplained deposit

ITO Vs Rajiv Travels (ITAT Bangalore)

It is normal presumption that, if the deposits have been made from the cash balance available in the books of accounts, then the sources of the cash would stand explained and hence, there is no necessity to treat it as unexplained deposits warranting addition.

Facts-

The assessee is a transport contractor. The AO noticed that the assessee has deposited Rs.2,32,00,000/- in its bank account. Assessee e

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