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2020 (3) TMI 279 - AT - Income TaxTaxation of income - whether the surrendered amount can be taxable under section 115BBE read with section 69A of the Act or it was to be taxed as a regular business receipt - HELD THAT:- To decide this issue, it is important first to visit the statement of the director of the assessee which was recorded during the course of survey. We have particularly gone through the answer to question No. 35 wherein the director of the assessee has clearly stated that the figures noted in the diary represented sales unrecorded in the books of account and these figures related to the period April 2015 to August 2015 in the present case, the addition under section 69A could have been made only if no explanation, regarding source of such income, was offered or the expla nation offered by the assessee was not satisfactory in the opinion of the Assessing Officer. In the present case, as we have already noted that the assessee had given complete explanation regarding the source of entries recorded in the diary, which were explained to be part of unrecorded sales and the Assessing Officer also did not object to the said explanation. Therefore, addition cannot be made under section 69A of the Act and if the addition cannot be made under section 69A, the provisions of section 115BBE will not be applicable. In a similar situation in the case of Pr. CIT v. Bajargan Traders [2017 (11) TMI 388 - RAJASTHAN HIGH COURT] had dismissed the appeal of the Revenue. - Decided in favour of assessee
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