TaxTMI 
TaxTMI 
TaxTMI 
2014 (2) TMI 1031
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....ted that could be in the relevant year, but not in the year under consideration ignoring the fact that the assessee filed his return of income for first time for the assessment year 2009-10 and no evidence was produced by the assessee for the brought forward capital balance. 3. The Id. CIT(A) failed to consider the fact that the assess has purchased Ac.2.18 cents of agricultural land on 23- 05-2005 only and no accumulated balances out of agricultural income over last 10 years would not be available to the assessee. 4. The Id. CIT(A) ought to have sustained the addition towards opening capital balance as the assessee has not produced any information regarding the other incomes out of which the balance amount has been accumulated for bringi....
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.... on 03.09.2009 admitting total income of Rs.2,82,450/- and agricultural income of Rs.60,000/-. In the course of assessment proceedings assessee has not complied with many notices, not produced the books of account and vouchers claiming expenditure. In the absence of proper confirmation or explanation for sources, the A.O. added the following amounts: 1. Introduction of capital shown as balance b/d in the capital account in the absence of corroborative evidence treating it as unexplained investment in the business. Rs.7,89,800/- 2. Gifts from parents & sister shown in the capital account in the absence of conclusive proof and creditworthiness. Rs.1,35,000/- 3. Outstanding expenses u/s.43B in the absence of details. Rs.70,100/- 4. Unse....
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....addition, which is objected to. For claim of gifts, the onus lies on the appellant and when the appellant files information including confirmation letters, then the onus is discharged by the appellant and the ball is thrown on the Revenue, which is expected to prove it wrong with cogent material, which is not the case here. Since, the addition was made for no valid reasons, the same cannot be sustained and it has to be deleted and the AO is directed accordingly. 5C. The third issue is outstanding expenses of Rs.70,100. The appellant's submission that outstanding expenses representing salaries of Rs.50,320/-, audit fee of Rs.5000/-, rent of Rs.9,100/- and interest of Rs.5680/- in all amounting to Rs. 70,100, in which none comes under th....
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.... no material or reasons as to why such a stand is taken is not explained by the AO, the action of the AO cannot be sustained and accordingly the AO is directed not to make such an addition and that the agricultural income as returned. 4. Learned D.R. objected to deleting various additions by CIT(A) without evidence or giving opportunity to the A.O. He referred to the various grounds raised by the Revenue. He also placed on record copies of confirmation filed with reference to gifts. 5. Ld. Counsel placed on record the Balance Sheet and Profit & Loss account and supports the order of CIT(A). 6. Having considered the rival contentions, perusing the order of learned CIT(A) and documents on record, we are of the opinion that the matters rais....