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TMI Blog2014 (7) TMI 205X X X X Extracts X X X X X X X X Extracts X X X X ..... al against the order of Ld. CIT(A)-V Surat dated 26-04-2011. 2. The revenue has taken following ground of appeal:- "1. On the facts and circumstances of the case and in law, the Ld. CIT(A)-II, Surat has erred in deleting (i) the addition of Rs. 11,68,868/- on account of opening balance of capital treating same as unexplained (ii) the addition of Rs. 1,50,000/- on account of unsecured loan receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al income treated as undisclosed income respectively. 5. Before Ld. CIT(A) assessee submitted various documents/evidences which were not submitted during the assessment proceedings, in respect of possession of agricultural land by him and details of income tax return filed by his brother, in support loan taken from his brother, Ld. CIT(A) sent all these papers to AO for his remand report which wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come for which filing of return of income is mandatory. The A.R.'s submission is very self-explanatory about the source of building up of capital which has been considered as unexplained by the A.O. The component of the assets which forms the capita! of the appellant has been submitted in detail. I don't see any aberration in the submissions of the appellant so far as assets vs. capital i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d looking into the details of income as submitted by the A.R., it can be reasonably concluded that, the loan stands explained. Hence, the addition rnade on this account is hereby deleted and the ground of appeal is allowed." 5.3 In respect of addition of Rs. 1,57,750/- earned from agricultural activities as income from undisclosed source Ld. CIT(A)'s finding was as under:- "7.3. I have gone thro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DR and perusing the record, we find that the fact that assessee was engaged in agricultural activities and derived agriculture income has been established by the assessee before Ld. CIT(A) by producing the documentary evidence in this respect. The necessary details in respect of loan received from the brother were also filed by assessee before Ld. CIT(A). Therefore Ld. CIT(A) has rightly deleted t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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