2024 (3) TMI 518

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....t of an assessment order passed by Assessing Officer u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), dated 27.11.2019. 2. The grounds of appeal raised by the assessee are as follows: "1. The Ld CIT(A) has erred on the fact of the case and in law by confirming the rejection of Agricultural Income. 2. The Ld. CIT(A) has erred on the facts of the case and in law in confirming the addition made by the assessing officer of Rs. 10,61,966/- out of Rs. 20,50,000/- cash deposit into bank during demonetization period u/s 69A in spite of that transaction has recorded in books of accounts with proper source of deposit. 3. The Ld. CIT(A) has erred on the facts of the case and in law in not con....

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....e for the year under consideration, which is as under: Gross agricultural receipts Rs. 9,09,455/- Expenditure incurred on agriculture Rs. 4,09,255/- Net agricultural income Rs. 5,00,200/- During the course of the assessment proceedings, the assessee was asked to furnish the explanation with regard to cash deposits to the tune of Rs. 20,50,000/-. In response, the assessee has stated before the assessing officer that cash was deposited out of the assessee`s opening cash balance available with the assessee and withdrawal from bank apart from certain amount has been deposited from out of agricultural income. However, the assessee was failed to submit the genuineness of transaction in respect of agricultural income before th....

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....tization period Rs. 20,50,000/- It was further explained to the Assessing Officer, that how assessee derived opening cash in hand of Rs. 15,98,034 as on 01/04/2016. The details are as under; Opening Balance as on 01/04/2015 Confirm from Wealth Tax Return of AY 15-16 and same has been enclosed herewith As Per Annexure - 6 (Total Cash on Hand Rs. 9,88,034/ - Less Exempted Rs. 50,000/- Taxable Rs. 9,38,034/- in Wealth Tax as on 31st March, 2015) Rs. 9,88,034/- Add :- Withdrawal From Bank Copy of cash book and Bank statement (01/04/2015 to 31/03/2016) is enclosed as Per Annexure -7 Rs. 4,00,000/- Add :- Net Agriculture Income (copy of ITR for AY 2016-2017) as per annexure- 3 Rs. 5,10,000/- Less:- Withdrawal Rs. 3,0....