2014 (9) TMI 933

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the assessee submitted that the assessee is a wholesale dealer in vegetables and fruits. A survey was conducted u/s 133A on 17-01-2008 in the premises of the assessee. According to the ld.representative for the assessee, during the assessment year 2005-06 the assessee invested an amount of Rs. 1,06,500 on purchase of land. The assessing officer also found that the assessee has invested another sum of Rs. 1,07,000 for purchase of land at Maruthur. After estimating the personal expenses, in the absence of any books of account, the income was adopted at Rs. 2,73,500. According to the ld.representative, the income from business and agriculture was not taken into consideration while estimating the income. Likewise, for the assessment year 2006-0....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mar, the ld.DR submitted that the assessment orders were passed on 31-12-2010 and the first appellate authority passed the orders on 30-12-2013. The assessee had more than three years. However, no material was produced even before the CIT(A). Therefore, it may not be correct to say that the assessee had no opportunity to explain the source of income. The ld.representative further submitted that the so-called confirmation letters said to be filed before the assessing officer does not contain any details of PAN. It simply says that an amount is outstanding from the assessee. Moreover, according to the ld.DR, no addition was made on cash credit. Even the agricultural property was purchased in the year 2005 and the same was not produced either ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....vailable with the assessee for investment in the landed property for meeting the expenditure for marriage and payment on LIC policy. From the affidavit filed by the assessee it appears that the assessee purchased agricultural land on 03-08-1998, 07-04-1999 and 10-01-2005. Therefore, it is necessary to find out whether the assessee cultivated the above said land and received any agricultural income. If it is found that the assessee cultivated land, the income generated out of cultivation would also available for making investment in the landed property and for meeting the expenditure, etc. Apparently, the assessee contested the proceedings under the impression that addition was made u/s 68 by filing confirmation letter. Only when the proceed....