2018 (2) TMI 981

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....10. 3. According to the appellant, the following substantial question of law arises in this appeal :- Whether on the facts and circumstances of the case the Hon'ble ITAT has erred in law and facts in dismissing the appeal of the revenue and deleting the addition of Rs. 1,13,02,000/- made by the A.O. on account of investment from undisclosed sources by holding the same as explained ignoring the fact that the assessee was unable to furnish any sustainable documentary evidence with regard to his contention of being a farmer and that the purchase consideration was out of his agricultural income though his returns did not reflect any agricultural income. Also the sale deeds No. 3535/2008 and 3536/2008 clearly showed payment of Rs....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f law. 6. The assessee filed the return during the relevant year declaring his income from the salary. The case was taken up for scrutiny. The AO had information that the assessee had purchased immovable property in Maharashtra and the sale deed was in the name of the assessee. The source of income was asked for. It was explained by the assessee that the Company was incorporated on 25.10.2006 with three promoter Directors, one of them being Shri Niwas Thakur. The assessee joined the Company on 15.04.2007. The Company had already purchased certain land in the name of Shri Niwas Thakur. He had status of a farmer. The Company wanted to convert the agricultural land to a non-agricultural land, as its business was of developing a residential ....