In the result, appeal of the assessee is allowed in part

Bench: Shri R.C. Sharma & Shri Sandeep Gosainsatya Narayan Choudhary, Vs A.C.I.T., 58, Gokulpura, North Ayad, Central Circle-1, Udaipur-313001. Udaipur. (Appellant) (Respondent) Pan No. Aappc 9260 P Satya Narayan Choudhary, Vs A.C.I.T., 58, Gokulpura, North Ayad, Central Circle-1, Udaipur-313001. Udaipur.

69A are applicable in case of unrecorded transaction or investment, whose nature and source is not explained. However, in the present case, the assessee has duly explained the nature and source of the transaction as well duly declared the same in its return of income. 6. The ld. CIT(A) did not appreciate the submission made by assessee during assessment