Invocation of deeming provisions of section 69 unjustified as nature and source of undisclosed income explained: ITAT Chandigarh

Aniljit Singh Arora Vs DCIT (ITAT Chandigarh) ITAT Chandigarh held that addition invoking the deeming provisions of section 69 r.w.s. 115BBE of the Income Tax Act unjustified as nature and source of undisclosed income/ investment duly explained by the assessee. Facts- During the course of survey, AO made addition towards unexplained investment u/s. 69 being short fall in the value of investment in the building declared by the assessee. Further, referring to the surrender letter, AO also made addition towards unexplained investment u/s. 69 r.w.s 115BBE of the Act on account of understated expen...