TaxTMI 
TaxTMI 
2026 (8) TMI 753
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....number with Panjab National Bank during the period of demonetization therefore, case of assessee was taken up for scrutiny and ld. AO asked assessee to justify the deposit, assessee filed a reply claiming that assessee has shown income from business u/s 44AD as the nature of business is job work relating to horticulture, filling of agricultural land including supply of mitti. The AO was not satisfied with the explanation given by assessee and had made an addition of Rs. 45,98,000/- which has been sustained by the ld. CIT(A) and relevant finding of ld. CIT(A) in para 6.3 are reproduced below: "6.3 Ground Nos.3 & 4 are raised against the action of AO in making addition of Rs. 45,98,000/- u/s 69A of the Act. The appellant filed thepaper book in which the details pertaining to above addition have been found in pages 34 to 36. The details of cash accumulation over a period of three A.Ys.2015-16, 2016-17 & 2017-18 were submitted as the source for depositing cash of Rs. 45,98,000/- during the demonetization period as business receipts. The AO in the assessment order brought out the. details of cash available as per ITRs filed for the above three assessment years (refer page -4 of....
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....ipal boundaries of Noida and Faridabad in general, precisely 1.58KMs and 5.4KMs respectively. The appellant produced the same evidences which were produced before the AO during the appellate proceedings. The appellant miserably failed to substantiate the claim that the said land was in agricultural in nature within the meaning of Section 2(14) of the Act. The submissions made in paper book are of no use to the appellant. In view of the facts and circumstances of the case, I am of the considered opinion that the action of the AO is justified and the addition is upheld. 5. Then, AO had made addition of Rs. 2,92,720/- on the basis that assessee had shown receipt of Rs. 5,00,000/- during relevant Financial Year 2016-17 to total credit entries reflecting in the account of assessee are Rs. 36,59,000/-. Assessing Officer observes that to avoid total taxation of cash deposit of Rs. 45,98,000/- and sale consideration of Rs. 19,40,000/- and Rs. 16,75,000/- has already been excluded from the credit entries of the bank account, therefore, amount of Rs. 36,59,000/- have been taken as business receipt of the assessee during the financial year 2016-17 and income @ 8% has been added and same ha....
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....ng addition of Rs. 57,19,000/- by wrongly treating it as short-term capital gain and that too by recording incorrect facts and findings and in violation of principles of natural justice and without appreciating/considering the facts and circumstances of the case. 4. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in making addition of Rs. 57,19,000/- on account of alleged short-term capital gain, is bad in law and against the facts and circumstances of the case. 5. Without prejudice to the above, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in not allowing the deduction of Rs. 30,00,000/-as claimed by the assessee from capital gain in the revised computation of income filed during the course of assessment proceedings. 6. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making addition of Rs. 2,92,720/- and that too by treating it as business income and further erred in treating an amount of Rs. 36,59,000 as business receipts of the assessee. 7. That having regard to the....
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....basis of suspicion arising out of the manner in which assessee had earlier reported its income and assets, however, when assessee had taken a recourse to filing the return on presumptive basis and there was no mandate under the law to provide particular set of information at the time of filing returns, then to discredit the submissions and the financials submitted to justify cash in hand, is not justified and the ground are decided in favour of the assessee. 9. Ground with regard to Addition of Rs. 42,99,980, assessee has claimed that during the impugned assessment year, the assessee sold two pieces of agricultural land situated in Village Dostpur Mangroli, KhadarParagna, Tehsil Dadri, Distt. Gautam Budhnagar, Uttar Pradesh on 06.06.2015 for Rs. 16,86,000/-(50% of his share) and Rs. 16,86,000/-. Amount of sale consideration is not disputed as also established from the copy of sale deed available in PB. It is pertinent to mention that agricultural land sold total of Rs. 33,72,000/- vide sale deed no. 12151 dated 06.06.2015 has been sold jointly whereas assessee's share in the said land was 50% only. Therefore, he received 50% of sale consideration i.e. Rs. 16,86,000/- (50% of....
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.... Rs.6,68,000/- A sale deed was executed for Rs. 41,00,000/- jointly in the name of Ms. Komal Tyagi and Mr. Munijhar. Both shares are defined in the copy of sale deed. Rs. 1,86,000/- was received towards part payment against sale of agricultural land of Munijhar's share (Rs.8,54,000/-).. Total Rs.36,59,000/- 12. In this regard, it was submitted for the assessee that the amount of Rs. 1,86,000/- on 10.06.2016 vide cheque number 127691 and Rs. 6,68,000/- is received against the sale consideration of the lands sold by assessee and this fact was confirmed by the perusal of sale deed read with assesses bank statement enclosed. The remaining credits of Rs. 21,30,000/- and Rs. 6,75,000/- were received by assessee, the source of which is mentioned as under:- 1) The credit of Rs. 21,30,000/- is received from Sh. Ramavtar Agarwal HUF. In this regard it is submitted that assessee has granted loan of Rs. 21,30,000/-two installments of Rs. 19,40,000/- and Rs. 1,90,00/- to Sh. Ramavtar Agarwal HUF which was refunded back to him in full on 02.09.2016. PB 144 is the copy of ledger account of assessee in the book of Sh. Ramavtar Agarwal HUF showing the grant of lo....