Section 69A addition not justified for Amount received through Bank, duly recorded in books & explained by Assessee

Smt. Jagmohan Kaur Bajwa Vs ITO (ITAT Chandigarh) In the instant case the entries relating to the advances received from Shri Hardev Singh and his son Shri Maninder Singh Sahi from Canada were recorded in the books of accounts and the assessee also explained that this amount was received as an advance for making the investment in the property by the said persons and the assessee was engaged in the property business. The A.O. therefore was not justified in invoking the provisions of Section 69A of the Act particularly when the entries were recorded in the books of accounts maintained by the ass...