Section 68 not applies when assessee explained nature & source of Income

Advertisement Harish Sharma Vs ITO (ITAT Chandigarh) Admittedly, in the present case the notebook entries containing entry pertaining to the business of M/s Sharma Overseas Services was recovered from the possession of the assessee. The authorities below have not rejected the contention of the assessee that the entries in note book pertained to the business concern of the assessee. As pointed out by the Ld. Counsel the Coordinate Bench in the case of Shri Bhuwan Goyal (supra), has held that the amount surrendered during the survey action cannot be treated as undisclosed income u/s 68 of the...