2015 (11) TMI 1266

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.... involved in these appeals are common, heard together and being disposed of by this common order for the sake of convenience. I.T.A. No. 276/Mds/2015 2. The assessee company filed its return of income by declaring Nil income on the ground that the assessee company have engaged in agriculture and the income earned by the assessee is exempt under Income Tax Act, 1961. The case of the assessee was selected for scrutiny and notice under section 143(2) of the Act was issued and called details and explanation from the assessee. In response to the notice issued by the Assessing Officer, the assessee has filed details and submitted that the assessee has earned Rs. 1,40,000/- from agriculture against which expenses amounting to Rs. 32,504/- wa....

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....ned by the Village Administrative Officer in respect of crops carried out by the assessee. The Assessing Officer has also observed in the assessment order that no details were filed in respect of purchase of seeds, fertilizers, pesticides, payment of wages to labour and other incidental expenses. Therefore, the Assessing Officer has denied exemption claimed by the assessee as agricultural income. 4. On appeal, the ld. CIT(A) confirmed the order of the Assessing Officer. 5. On being aggrieved, the assessee carried the matter in appeal before the Tribunal. 6. The ld. Counsel for the assessee has submitted that he assessee is having 40.43 acres of land, wherein it has carried out cultivation of paddy, casuarina, etc. and filed Patta, ....

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....ssing Officer has not believed the certificate issued by the Village Administrative Officer on the ground that the period was not mentioned. The assessee has also filed weigh bridge slips to show that the casuarina has been transported to local market. So far as paddy is concerned, it was submitted by the assessee that it was sold in the local market. From all these facts, it is found that the Assessing Officer has not doubted the extent of agricultural land owned by the assessee. The Village Administrative Officer gave a certificate stating that the assessee owned agricultural land and paddy & casuarina are cultivated. That apart, the assessee has also filed weigh bridge slips to show that casuarina has been sold in the market. Under these....