2025 (1) TMI 1661

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....e Revenue : Shri U. Mini Chandran, Sr. AR ORDER PER K. NARASIMHA CHARY, J.M: Aggrieved by the order dated 04/09/2024 passed by the learned Commissioner of Income Tax (Appeals)-11, Hyderabad ("Ld. CIT(A)"), in the case of Bangar Raju Penmetsa ("the assessee"), assessee preferred this appeal. 2. Brief facts of the case are that assessee, Mr. Bangar Raju Penmetsa, Managing Director of M/s....

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....before the learned Assessing Officer that cash of Rs. 10,19,000/- was received from proceeds of agricultural crop and the balance of Rs. 13,45,000/- is out of his personal savings. However, in the absence of any verifiable documentary evidence, the learned Assessing Officer made addition of Rs. 23,64,000/- as unexplained income U/s. 69A of the Act and assessed the total income at Rs. 26,09,000/-. ....

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....ut to Rs. 31,56,802/-. He further submitted that the returns of income for the earlier years constitute documentary evidence to substantiate the source of earlier year's income. It was also submitted that Rs. 10,19,000/- is from sale proceeds of agricultural crops and the said amount was given to assessee by his father. However, the learned CIT(A) did not appreciate the documentary evidence su....

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....rns of income for the AYs 2015-16 and 2019-20as well and submits that the returned income is well substantiated by the property held by the father of the assessee, and therefore, this amount may also be taken into consideration for explanation of the sources towards the amounts added. Further, to substantiate assessee's claim of agricultural income, learned AR also placed before us copies of T....