Deeming provision of section 69-69D unjustified as nature and scope of unrecorded transactions explained

Jasjot Singh Garcha Vs PCIT (ITAT Chandigarh) ITAT Chandigarh held that transaction not recorded at the time of survey qualify as unrecorded transactions, however, the assessee has provided the necessary explanation about the nature and source of such unrecorded transactions and hence invoking deeming provisions of section 69-69D of the Income Tax Act unjustified. Facts- During the course of survey operation, certain discrepancies were noticed and as a result, the assessee offered a sum of Rs. 70,00,000/- apart from his normal business income. Subsequently, the assessee filed his return of inc...