TaxTMI 
TaxTMI 
2017 (6) TMI 134
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....sment year on various dates from 12/05/2010 to 23/03/2011 as noted at page 2 of the assessment order. The assessee was directed to explain the source of cash deposits. It was held by the AO that out of the total cash deposits, the source of the amount to the tune of Rs. 29,12,240/- has not been satisfactorily explained and the same was added to the total income of the assessee. 4. The assessee submitted before the Ld. CIT(A) that he is agriculturist and earned his livelihood from his agricultural income. Assessee is not maintaining any record of his agricultural activity including J-forms of agriculture produce. Regarding the source of cash deposits of Rs. 21,54,000/-, it was submitted that this cash deposits is out of receipt of advance o....
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....ar before him. Instead of producing the appellant by taking the plea that he has settled overseas, the representative of the appellant produced another person claimed to have general power of attorney on behalf of the appellant. I am of the opinion that by mere producing another person with self serving general power of attorney, the appellant failed to discharge the onus to explain the cash deposits satisfactorily to the Assessing Officer. The most important factor here is the availability of evidence supporting the agriculture activity and the sale of agriculture produce in the market. Availability of true, material and relevant evidences might not have required the appellant or the person carrying general power of attorney on his behalf ....
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....ention. 8. On the other hand Ld. DR relied upon the order of the authorities below and submitted that the issue before the authorities below was as regards unexplained cash deposits in the bank account of the assessee. The assessee failed to explain the source of the cash deposits in the bank account, therefore, no further interference is called for in the matter. The decision in the case of Travancore Rubber And Tea Co. Ltd. (supra) would not apply to the facts of the case. 9. Considering the facts of the case in the light of the findings of the authorities below, it is clear that the issue before the authorities below was regarding cash deposits in the bank account of the assessee during the financial year under consideration. There are....
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....enuineness of the agreement to sell itself. Thus assessee failed to produce any evidence if any genuine agreement to sell was executed for taking advance of Rs. 22,00,000/- and also failed to produce any source of the receipt of advance of Rs. 22,00,000/-. No confirmation from the purchaser was filed and the purchaser was not produce to verify receipt of advance of Rs. 22,00,000/-. The GPA holder has already shown his inability to produce nay documentary evidence of source and mode of payment of advance money. The assessee therefore miserably failed to explain the source of advance money receipt of Rs. 22,00,000/- from Shri Kulbir Singh. No documentary evidence is also filed before the Tribunal to substantiate the explanation filed before t....