9911796707
TMI Blog2014 (7) TMI 205X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst Revenue. Unsecured loan from brother staying in same house – Held that:- CIT(A) rightly was of the view that the source of the brother's income is from agriculture and looking into the details of income, it can be reasonably concluded that, the loan stands explained - the addition is rightly set aside by the CIT(A) – Decided against Revenue. Income from agricultural activity treated as income from undisclosed sources – Held that:- CIT(A) was of the view that the submission of the assessee is self-explanatory and does not further elaboration - AO should have at least estimated the reasonable agricultural income which may be earned from such land holding even though no details related to agricultural activity - the agricultural in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t on 10-12- 2007 by making the addition of ₹ 11,65,868/-, ₹ 1,50,000/- and ₹ 1,57,749/- on account of opening balance of capital treated as unexplained cash credit u/s. 68 of the Act, unsecured loan treated as unexplained cash credit and agricultural 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 was not submitted by the AO even after lapse of two years. Ld. CIT(A) proceeded to d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of opening capital is hereby deleted and the ground of appeal is allowed. 5.2 In respect of addition of ₹ 1,50,000/- on account of unsecured loans received from his brother Ld. CIT(A) has observed as under:- 6.3. I have gone through the assessment order and the submissions of the appellant along with the loan confirmation from the appellant's brother. The source of the brother's income is from agriculture and 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 ₹ 1,57,750/- earned from agricultural activities ..... X X X X Extracts X X X X X X X X Extracts X X X X
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