TaxTMI 
TaxTMI 
2018 (12) TMI 900
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....venture guidance. During the impugned year it was found that the assessee had deposited cash amounting to Rs. 18,50,000/- in his saving bank account. Enquiry letter in this regard was issued to the assessee, but no compliance was made. Accordingly, since the source of cash deposited remained unexplained, the case of the assessee was reopened under section 147 of the Income Tax Act, 1961 (in short 'the Act'). During assessment proceedings, the assessee was asked to explain the source of cash deposited, to which the assessee contented that the same was an account of loans/ advances, given by his father to his relatives, which had been returned during the year and also out of the agriculture income of his father. The A.O after making due....
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....n finding that the said amount had not been accounted for by the A.O. while giving credit to the advance returned by the relatives of the assessee's father, as source of cash deposited in the said bank A/c of the assessee. Accordingly, the balance of Rs. 1,90,000/-, remaining unexplained, was upheld by the CIT(Appeals). The CIT(Appeals) also upheld the addition made on account of cash deposited in the Saving Bank A/c of the assessee in State Bank of Patiala, Patlikuhal of Rs. 1,50,000/- which the assessee had contended was from agricultural income earned from sale of crop, in the absence of any evidence and detail of the same. The addition made by the A.O. treating the agricultural income returned by the assessee as income from other source....
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....amount Rs. 1,50,000/- was deposited in Saving Bank A/C of Patiala, Patlikuhal, leaving the assessee with the balance of Rs. 18,27,110/- which explained the cash found deposited of Rs. 18,50,000/- in the Saving bank A/c of the assessee in State Bank of India, Haripur. He therefore contended that the Ld.CIT(Appeals), had wrongly confirmed the addition of Rs. 1,90,000/- and Rs. 1,50,000/- on account of cash deposited in the said two bank accounts of the assessee, which were challenged by the way of ground Nos.2 & 3 raised before us. As for the addition made on account of agricultural income upheld by the CIT(Appeals) challenged in ground No.4 raised before us, the Ld. counsel for assessee contended that the agricultural land was transferred to....
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....elating to the case are that cash found deposited in two savings bank account of the assessee amounted all in Rs. 20,00,000/- as under: * SBI , Haripur Rs. 18,50,000/- * SBOP, Patlikuhal Rs. 1,50,000/- 10. The explanations furnished by the assessee regarding the source of the same to the authorities below and even before us, which we find, stands accepted by authorities below is as under: * Advances returned by relatives Rs. 7,40,000 * Income from sale of crops Rs. 9,20,000 Total Rs.16,60,000/- 11. Regarding the above facts there is no dispute. Therefore the balance remaining unexplained is Rs. 1,90,000/- , in SBI, Haripur (18,50,000-16,60,000) and Rs. 1,50,000/- in SBOP, Patlikuhal, ....
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....al income of Rs. 1,80,000/- returned by the assessee. Ground of appeal Nos.2 & 3 raised by the assessee therefore stand partly allowed to the above extent. 15. As for the issue relating to treating the agricultural income returned by the assessee as income from undisclosed sources, the only the contention of the Ld.Counsel for the assessee is that since it had established the ownership of land, the agricultural income earned therefrom was his income. We find that the CIT(A) has given a categorical finding that the said income cannot be treated as his agricultural income since the ownership of land by the assessee was not established and also because in any case agricultural income therefrom from sale of fruit crops of Rs. 9,20,000/- had ....