Nature and source of investment duly explained hence addition u/s 69 not sustained

PCIT Vs Joginder Singh Chatha (Punjab and Haryana High Court)

Punjab and Haryana High Court held that addition under section 69 of the Income Tax Act towards unexplained investment unsustainable as nature and source of the investment duly explained.

Facts- The assessee is an agriculturist and visited U.K. three times in the year 1985, 2006 and 2012. It is alleged that the assessee had deposited $2496835.89 equivalent to Rs.11,13,83,849/- @

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