TaxTMI 
TaxTMI 
2021 (8) TMI 712
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....8,004/- made by the Income Tax officer, Nakodar on account of alleged unexplained deposits made in assessee's Bank Account. 2. That the learned Commissioner of Income Tax (Appeals)-2 Jalandhar has failed to appreciate that the cash withdrawn from the same Bank Account on prior dates was available with the assessee for redeposit in the same Bank Account. 3. That the learned Commissioner of Income Tax (Appeals)-2 Jalandhar ought to have allowed credit for the past savings out of Agricultural Income available with the assessee in cash." 2. The facts as record are that appellant assessee is an agriculturist. He was engaged in the business of dairy farming in Vill. Sidhupur, Lohian Khas, Teh. Nakodar, Distt. Jalandhar. He ha....
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....al income of Rs. 6,50,000 earned by him, has also not given credit for the opening balance of Rs. 2,74,996 in the bank account; that it had made withdrawal of Rs. 15,50,000 on 22-05-2008 from the bank account, out of which an amount of rupees for 4,45,000 has been subsequently deposited on 13-06-2008 in the bank account. The Ld. CIT(A), having considered the evidence available on record, held that there is no justification on the part of the AO in not giving credit for the agricultural income earned by the appellant, sale of buffaloes and opening capital. However, he has confirmed addition of Rs. 16,28,004/- out of Rs. 51,37,000 made by the Income Tax officer, Nakodar on account of alleged unexplained deposits in assessee's Bank Account. ....
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....Rs. 35,08,996 as explained. S. No. Date Particulars Amount(In Rupees) i. 06.09.2008 Sale of land 14,00,000/- ii. Different dates Sale of live stock 9,89,000/- iii 13.06.2008 Out of cash withdrawal of Rs. 15,50,000 on 22.5.2008 44,5000/- iv 01.04.2008 Opening cash in hand 2,74,996/- v Different dates Agriculture Income 4,00,000/- Total 35,08,996/- The Balance addition of Rs. 16,28,004/- was confirmed. The under signed has prepared a date wise cash flow statement for the period from 01.04.2008 to 31.03.2009 based upon the Saving Fund Account of the assessee. The Same appears at Pages 3 & 4 of the Paper Book. The Cash Flow Statement shows ....
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....35,20,000/- to explain remaining cash deposits of Rs. 16,28,004/-. The Worthy CIT (Appeals) should have allowed this benefit even when it had not been claimed by the assessee or his Counsel in the interests of natural justice. The assessee is left with a cash in hand of Rs. 14,52,000/- on 31.03.2009 even after explaining all cash deposits in the Bank. It is therefore humbly submitted that the addition of Rs. 16,28,004/- confirmed by the Worthy CIT (Appeals) deserves to be deleted in view of the cash flow statement placed on record. Your kind attention is invited to the decision of Honourable ITAT Amritsar Bench in the case Chandan Niiiar in ITA No. 61 (Amritsar) 2016 Dated 08.08.2016 for A.Y 2011-12 where under similar cir....
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....al income and opening cash in hand besides part cash withdrawal of the claim of the assessee which is not under dispute. In our view, the benefit of cash withdrawn of Rs. 15,50,000/- on 22.05.2008 earlier from the date of deposit in the bank on 13-06-2008 has to be allowed to the Assessee unless the AO or the Ld. CIT (A) is able to show that the cash so withdrawn was spent elsewhere. 9. It is discernable from the written submission of the assessee that the cash of Rs. 15,50,000/- was withdrawn 21days earlier by him on 22.05.2008, to the date of deposit in the bank on 13-06-2008. The AO/CIT(A) had led no evidence to show that the cash withdrawn by him had been spent and was not available for redeposit. In view of that the finding of th....
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....vidence such as, agricultural produce bills, type of cropping pattern and crops grown whether irrigated, rainfed as per revenue records. In our view, agricultural income of Rs. 2,50,000/- out of the total agricultural income Rs. 6,50,000/- claimed by the assessee can't be treated unexplained, unless, the Ld. CIT (A) is able to establish that such part of agricultural income was bogus/inflated with corroborative evidences. In our view, in the light of facts of the assessees ownership of agricultural land and 33 buffaloes, the agricultural income shown at Rs. 6,50,000/- is quite reasonable and as such, accepted. Thus, the appellant assessee gets further relief of Rs. 2,50,000/- on account of agricultural income. Further, the remaining balance....