2025 (9) TMI 850

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....the meanwhile, in compliance to notice u/s. 148 dated 30.3.2019 the assessee furnished his return of income, declaring taxable income of Rs. 13,521/- and claimed refund of Rs. 2,230/-. Assessment in this case was completed u/s. 147 r.w.s. 143(3) of the Act at a total income of Rs. 8,60,180/- as against the returned income of Rs. 13,520/- and made the addition of Rs. 1,09,640/- on account of share trading transactions with MCX and Rs. 71,316/- on account of share trading with BSE and a sum of Rs. 87,584/- as adhoc disallowance of expenditure claimed. Besides this, he has also denied the exemption on account of agricultural income, thereby making additions of Rs. 5,78,120/-. In appeal, Ld. CIT(A) dismissed the appeal of the assessee. Aggrieve....

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....ee has made total sale (turnover) of Rs. 14,26,313/- through Bombay Stock Exchange but not declared. Its business income earned through these transaction. Considering the rational nature of profit, AO estimated 0.5% of the total transaction as its profit as business income, which in my view is quite tenable, which was further confirmed by the Ld. CIT(A). In view of the above, I do not find any infirmity in the order of the Ld. CIT(A) on this issue, hence, I affirm the same and decide the issue in dispute against the assessee. 6. As regards addition of Rs. 5,78,120/- made by the AO by treating the agriculture income as income from other sources. It was the contention of the assessee made in the grounds of appeal that lower authorities err....

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....he claim of exemption on account of agricultural income has been rejected by the AO, but the ITAT, Delhi SMC Bench in ITA No. 6303/Del/2019 for AY 2010-11, dated 11/08/2022 has decided the issue of agricultural income in assessee's favour, on the basis of remand report of the AO, which reads as under: "3. With regard to the agricultural income, during the assessment proceedings, the assessee could not file any documentary evidence with respect to the agricultural income to the tune of Rs. 4,68,500/-. Presently, the assessee filed the invoice copy of sale proceeds of the agricultural products wherein it has been mentioned that the assessee i.e. Shri Brijesh Kumar Goswami made transactions in the agricultural products and paid agricu....