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TMI Blog2010 (6) TMI 547X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment order - Decided in the favour of the assessee - ITA No. 56 of 2009. - - - Dated:- 18-6-2010 - PATIL N. K., NAGARATHNA B. V. MRS. JJ K.V. Aravind and M.V. Seshachala for the Appellants. JUDGMENT The judgment of the court was delivered by N. K. Patil J.- This appeal by the Revenue is arising out of the impugned order dated October 10, 2008, passed in I. T. A. No. 1016/Bang/2007 by the Income-tax Appellate Tribunal, Bangalore, for considering the following questions of law : "(i) Whether the appellate authorities were correct in holding that the assessee would have accumulated a sum of Rs. 30 lakhs year after year in cash from agriculture, which had been paid to the partners of M/s. Jayanth Service Station which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r and he has proceeded to pass the order of assessment treating a sum of Rs. 30 lakhs as unexplained investment under section 69 and brought the same to tax as income of the assessee by his order dated March 31, 2006. Assailing the correctness of the said order, the assessee had filed an appeal before the first appellate authority the Commissioner of Income-tax (Appeals)- IV, Bangalore, in I. T. A. No. 2/Kolar-CIT(A)-IV/2006-07. The first appellate authority, after hearing both sides and after considering the report submitted by the Assessing Officer and other relevant materials available on file, has allowed the said appeal by deleting the addition of Rs. 30 lakhs. Being aggrieved by the order of the first appellate authority, the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -94 to 1999-2000 from sale of agricultural crops, but doubted the opening capital of Rs.57,69,872 shown by the assessee as on April 1, 1999, since the Hindu undivided family consists of 30 members. It is significant to note that the assessee is holding 60 acres of agricultural land, out of which, 27 acres are wet land, 14 acres of dry land and 19 acres of mango plantation and he has submitted his crop-wise gross yield in rupees before the Assessing Officer as acknowledged by him in paragraph 10 of his assessment order. The details were given in respect of the entire period from April 1, 1993 to March 31, 2000, i.e., for a period of seven years. However, the Assessing Officer on the basis of assumptions and presumptions has observed that, si ..... X X X X Extracts X X X X X X X X Extracts X X X X
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