TaxTMI 
TaxTMI 
2024 (11) TMI 1525
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....after referred to as 'the Act') dated 26.11.2019. The assessee has raised the following grounds of appeal:- "1. On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of the Income Tax (Appeals) has erred in confirming the action of assessing officer in allowing the addition of cash deposited during demonetization of Rs.26,07,000/- as unexplained money u/s 69A of the Act. 2. On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of the Income Tax (Appeals) has erred in confirming the action of the Assessing Officer in making action Rs.5,43,190/- agriculture income as unexplained cash credit u/s 68 of the Act. 3. On the facts an....
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....cultural income of Rs.5,43,190/-. The Assessing Officer recorded that in response to show cause notice, assessee has not furnished any details of land holding, sale bill or details of crop production. Thus, in absence of such details, Assessing Officer treated his agricultural income as unexplained cash credit under section 68 of the Act and taxed the same under section 115BBE of the Act, while passing the assessment order under section 144 of the Act on 26.11.019. 3. Aggrieved by the additions made in the assessment order, assessee filed appeal before Ld. CIT(A). Before Ld. CIT(A), assessee filed detailed statement of fact. The assessee in his statement of fact, narrated that he is engaged in agricultural activities and growing differen....
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....y him under section 250 of the Act for seeking further submission from assessee. The Ld. CIT(A) on the basis of material before him recorded that only source of income declared by assessee is agricultural income. The assessee is holding bank accounts with Maher Variava and Percy Variava. There is no evidence that those joint owners were filing their return of income or not. The cash deposit during relevant period is more than agricultural income, so no credit can be given of any other amount. The assessee has not furnished satisfactory explanation before Assessing Office. Therefore, addition of cash deposit is upheld. On the issue of agricultural income in treating the same as unexplained credit, the Ld. CIT(A) has given contrary finding. T....
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.... of Rs.5,43,190/-. His mother, Maher Variava also shown agricultural income of Rs.5,48,650/-. Similarly, for assessment year 2016-17, assessee has shown agricultural income of Rs.5,96,729/-. His father has also shown similar agricultural income, copy of return of assessee for assessment year 2016-17, his mother and father for assessment years 2016-17 and 2017-18 are also placed on record. In their return, they have shown net agricultural income as well as gross receipt of agricultural produce. Similarly, for assessment year 2015-16, the assessee has shown agricultural income more than Rs.9,00,000/- and gross receipt of agricultural income more than Rs.21,00,000/-. His father has also shown agricultural income of Rs.8,59,353/- and his mother....
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....e Act is not applicable for assessment year under consideration. On the issue of adding agricultural income as unexplained cash credit, the Ld. AR for the assessee submits that Ld. CIT(A) though accepted the agricultural income yet has not given any clear finding in a final result. Thus, order of Ld. CIT(A) may be modified in order to allow relief to the assessee of such issue. 6. On the other hand, Ld. Sr-DR for the Revenue supported the order of lower authorities. The Ld. Sr-DR for the Revenue submits that assessee has not discharged onus to substantiate the source of cash deposit before Assessing Office and no details were filed before Assessing Officer. Thus, claim remained unsubstantiated. 7. I have considered the submission of b....
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....ssesse and his father & mother for AY 2015-16 to 2017-18 are as under: A.Y Income tax return Agricultural income Rs.000/- Cash deposit Rs.000/- 17-18 ITR-V Jehan Percy Variava, Percy Maneksha Variava & Maher Percy Variava 5,43,190 5,48,650 5,48,650 7,52,667 7,52,667 7,52,667 16-17 -do- 5,96,729 5,96,729 5,96,729 15-16 -do- 9,04,707 8,59,535 9,04,707 8. On perusal of aforesaid details, I find that in all the aforesaid assessment years the assessee along with his co-owners consistently showing agricultural income in the return of income, which is also clearly evident from ITR Form2A. Thus, in my considered opinion, the assessee having sufficient earning t....