TaxTMI 
TaxTMI 
2019 (7) TMI 1890
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.... from the bank account jointly held with his father. 2. That the C.I.T. (Appeal) has erred on facts and in law to disbelieve the evidence for sale of agriculture produce to the tune of Rs. 1631582/- which included Rs. 384282/-from savings of father and the sale of crops supported by the Krishi Utpadan Mandi Samiti receipts issued and produced before the A.O. and the C.I.T. (A). 3. That the C.I.T. (Appeal) has erred on facts and in law that the amount of investment made at Rs. 1631582/- for share margin money was unexplained ignoring the possession of 50 Bigha of agriculture land and the receipts derived from sale of agriculture crop in March 2010 Rs. 350600/-, July 2010 Rs. 345800/-, Oct. 2010 550900/- totaling to Rs. 1247300/- support....
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....Rs. 23, 40,676/- with the supporting the documentary evidences; that the assessee even could not produce the bill/vouchers in support of agricultural income and that the statement of copy of joint bank account in the name of assessee and his father submitted for the financial year 2010-11 and 2011-12 (financial year relevant to assessment year underconsideration) showed a deposited of Rs. 2,90,000/- during financial year 2009-10 and nil during financial year 2011-12 whereas Rs. 15,02,220/- during financial year 2010-11 relevant to assessment year under consideration. Considering the Rs. 2,00,000/- as assessee father's agricultural income contribution towards the margin money on the basis of the bank statement for the three finance year....
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....ustain the addition of Rs. 14,31,582/- which was invested by the assessee after withdrawing from the bank account jointly held with his father; that he has erred on facts to disbelieve the evidence for sale of agriculture produce to the tune of Rs. 1631582/- which included Rs. 384282/- from savings of father and the sale of crops supported by the Krishi Utpadan Mandi Samiti receipts issued and produced before the A.O. and holding the amount of investment made at Rs. 1631582/- for share margin money was unexplained ignoring the possession of 50 Bigha of agriculture land and the receipts derived from sale of agriculture crop in March 2010 Rs. 350600/-, July 2010 Rs. 345800/-, Oct. 2010 550900/- totaling to Rs. 1247300/- supported by Rs. ....
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....of Smt. Prem Sundari vs. CIT Appeal No.95 of 2008 All. "For claiming the benefit of the agriculture income. It is necessary to produce the certificate for the assessment year under consideration. Further, the assessee should maintain the accounts pertaining to entire agriculture activity. In the instant case, no account was maintained by the assessee." 7. We have heard both the parties, and perused the material on record and the case laws referred on the issue under dispute. 7.1 It is not disputed that the assessee has shown agricultural income of Rs. 1,50,520/- for rate purpose in the return of income for the year under consideration (APB, Pg. 2). It is also not disputed that the assessee's father has never filed any return of income....
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....son. Therefore, the ld. CIT(A) has been justified in holdingthat the assessee has failed to discharge the primary onus to explain the source of investment in the margin money of share trading business owing to unexplained agricultural income of his father andnon-reconciliation of the bank deposit and agricultural income earned thereof. 7.2. From the record, we find that the agricultural land was owned by the assessee's father.However, the assessee has not claimed such an agricultural income from his father either in the earlier assessment years or in the succeeding years. Over and above the assessee's father is neither filing return of incomenor any statement of account including income and expenditure statement of working of his agricultu....