TaxTMI 
TaxTMI 
2019 (3) TMI 2094
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....ssessee on similar issue were heard together and are being disposed of by this consolidated order for the sake of convenience. However, in order to adjudicate the issues, we are referring to the facts and issues in ITA No.1474/PUN/2018, relating to assessment year 2010-11. 3. The assessee in ITA No.1474/PUN/2018, relating to assessment year 2010-11 has raised the following grounds of appeal:- 1. On the facts and in the circumstances of the case and in law the A.O. the Assessing Authority and Ld. CIT(A) was not justified in confirming the order of the A.O. when he passed the assessment without granting sufficient opportunity as mentioned in the appeal order of CIT(A) in his common order. The principles of natural justice have bee....
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....se of agricultural produce for the purpose of business of the assessee may give rise to agricultural income. The principle enunciated applies to this case of the appellant. Since deposits are out of agricultural income the exemption be allowed to the assessee. 5. On the facts and in the circumstances of the case and in law and considering ground No.4 above the judgment of the Hon'ble Punjab and Haryana High Court in the case of CIT v. Rana Gurujit Singh (2012) 75 DTR 376 ( P & H) applies to the facts of this case and in view of this both the authorities below have taxed the agricultural income which is exempt under S. 10 of the Act. The addition be quashed. 6. On the facts and in the circumstances of the case and in la....
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.... the circumstances of the case and in law while allowing ground of appeal No.1 before CIT(A) the fact has been admitted that the assessee was agriculturist and had no income other then agricultural income. In the circumstances the action of the Act in reopening the assessments under S. 147 r.w.s. 148 is vitiated in law. The A. O. has failed any 'speaking order' in reply to objections raised against the reasons recorded u/s 148 of the Act. This is contrary to the verdict of the Hon'ble Supreme Court in GKN Driveshaft Ltd (supra). Alternatively, the matter may be remanded to A.O. for pursuing the assessment offer a 'speaking order' on the objections raise as decided in Home Finders Housing Ltd. (2018) 404 ITR 611(Mad) in w....
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....d by the assessee is against invoking of provisions of section 147 of the Act against the assessee. 5. The learned Authorized Representative for the assessee at the outset pointed out that the issue of re-assessment under section 147 of the Act is not being pressed. However, in respect of second issue of computation of income, the learned Authorized Representative for the assessee strongly objected to the method of computation of income from agriculture and business in the hands of assessee. He pointed out that the assessee was an agriculturist who was cultivating grapes and out of those grapes, the assessee was also manufacturing raisins which were sold in the open market. He stressed that for computing agricultural income on cultivatio....
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....deposits in The Federal Bank amounting to Rs. 24,89,340/-. The Assessing Officer noted that out of deposits on various dates totaling Rs. 24,89,342/-, sum of Rs. 2,40,000/- was deposited in cash on 30.01.2010. The assessee pointed out that cash was deposited out of its savings. The Assessing Officer did not believe the explanation and sum of Rs. 2,40,000/- was added in the hands of assessee. The Assessing Officer further noted that the assessee had shown agricultural income of Rs. 14,00,297/-, against which agricultural expenses of Rs. 4,24,090/- was shown and interest on loan of Rs. 1,10,647/- was claimed. Thus, net agricultural income was computed at Rs. 8,65,560/-. In respect of agricultural income, the Assessing Officer sought copies of....