2026 (1) TMI 1038

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....anian, JCIT(DR)(ITAT), Bangalore. ORDER PER LAXMI PRASAD SAHU, ACCOUNTANT MEMBER : This is an appeal filed by the assessee against the Order passed by the learned Pr. CIT, vide DIN :ITBA/REV5/2024-25/1074989788(1) dated 25.03.2025. 2. Briefly stated facts of the case are that based on the information flagged in accordance with risk management strategy available on Insight Portal that t....

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.... expenses incurred on fertilizers, evidence of ownership of agricultural land, copy of the mutation register, distance certificate, population certificate, release deed, distance certificate copy issued by Tahsildar as per the documents the property sold does not come within the purview of the definition of capital asset. After considering the submission of the assessee, AO accepted the return of ....

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....ed return filed by the assessee and cash deposit was made out of the sale proceeds of agricultural land and out of past savings. Therefore the source of cash deposit was explained and AO accepted the view. If AO has admitted assessee's view therefore the view accepted by the AO cannot be revised by the learned Pr.CIT and filed Paper Book containing Page Nos.1 to 193. 4. On the other hand, the l....

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.... affidavit without any supporting documents to prove the source of cash deposits. Therefore the Order passed by the AO is erroneous and prejudicial to the interest of Revenue and requested that Order of the Pr. CIT should not be disturbed. 5. Considering the rival submissions and perusing the entire materials available on record and Orders of authorities below, here in the case on hand the lear....