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 Assessee explained that the deposits have been made out of collections made on running of buses and also out of cash withdrawn from the bank. The AO noticed that the agg...