https://www.taxtmi.com/caselaws?id=449175 The ITAT Chandigarh allowed the assessee's appeal against addition under Section 69B read with Section 115BBE for unexplained investment. The court held that the AO failed to establish the primary condition for invoking Section 69B - that the assessee made investments exceeding amounts recorded in books. The AO relied solely on a partner's statement recorded under Section 131 during survey without corroborative evidence. The tribunal ruled such statements have no evidentiary value without supporting documentation. Since the assessee offered the amount as business income and the source was explained as business income, the deeming provisions of Section 69B and higher tax rate under Section 115BBE could not be applied. en-us Wed, 29 Nov 2023 00:00:00 +0530 Wed, 18 Mar 2026 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449175 The ITAT Chandigarh allowed the assessee's appeal against addition under Section 69B read with Section 115BBE for unexplained investment. The court held that the AO failed to establish the primary condition for invoking Section 69B - that the assessee made investments exceeding amounts recorded in books. The AO relied solely on a partner's statement recorded under Section 131 during survey without corroborative evidence. The tribunal ruled such statements have no evidentiary value without supporting documentation. Since the assessee offered the amount as business income and the source was explained as business income, the deeming provisions of Section 69B and higher tax rate under Section 115BBE could not be applied. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449175