Deeming provision u/s 69 not applicable on unrecorded transaction as nature and source explained

Baljinder Kumar Vs DCIT (ITAT Chandigarh)

ITAT Chandigarh held that transactions which were not recorded at the time of survey are unrecorded transaction, however, as nature and source of such unrecorded transaction explained the same cannot be brought to tax under the deeming provisions of section 69 of the Income Tax Act.

Facts- A survey action u/s. 133A took place on 05/09/2018 at the business premises of the assessee who is Proprietor of M/s Shivam Coir Foam Products

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