2026 (1) TMI 943

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(hereinafter referred to as 'the Act'). 2. The brief facts of the case are that the assessee had filed his return of income for the A.Y. 2020-21 on 09.11.2020 declaring Nil income. The case was selected for scrutiny under CASS. The Assessing Officer noticed that the assessee had disclosed agricultural income of Rs. 51,43,825/-. In the course of assessment, the Assessing Officer had made enquiries in this regard but was not satisfied with the genuineness of the agricultural income as disclosed. Accordingly, the entire agricultural income of Rs. 51,43,825/- was treated as unexplained and added to the income. The assessment was completed under Section 143(3) of the Act on 21.09.2022 at a total income of Rs. 51,43,825/-. 3. Aggrieved with....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....come from unexplained source u/s.68 and taxing the same u/s.115BBE of the Act. The learned CIT(Appeals) erred in confirming the same. It is submitted that in the facts and circumstances of the case and without prejudice to the main contention that such exemption of agricultural income cannot be denied to the Appellant, the learned CIT(Appeals) should not have upheld the stand of the learned Assessing Officer to consider the said income u/s.68 of the Act and taxing the same u/s.115BBE of the Act. 4. The appellant reserves the right to add, alter or amend any of the grounds of appeal." 5. Shri Sanjay R. Shah, Ld. AR of the assessee, explained that the assessee is a farmer owning land admeasuring 58.48 acres in his village. He expl....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....could not have been disclosed by the assessee all along. The Ld. Sr. DR has drawn our attention on various factors recorded by the Ld. CIT(A) in para 5.7 of the order for confirming the addition. He, therefore, supported the orders of the lower authorities. 7. We have considered the rival submissions. The contention of the assessee is that he was owner of the land admeasuring 58.48 acres located in his village. The details of agricultural land holding in Form No.7 and Form No.12 has been brought on record in the paper-book filed by the assessee. It is found therefrom that as the assessee was only co-owner of the land. The contention of the assessee is that the entire land holding was cultivated by the assessee only and accordingly he had....