2015 (8) TMI 658

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..... ailed to produce any reliable document to explain the cash in hand. - Decided against assessee. - ITA No. 503/2015 - - - Dated:- 4-8-2015 - S. Muralidhar And Vibhu Bakhru, JJ. For the Petitioner : Mr. Arunabh Chowdhury, Adv. Mr. Vaibhav Tomar, Mr. Karma Dorjee, Advs. For the Respondent : Mr. Amol Sinha, Senior Standing Counsel with Ms. V. Malhotra, Adv. ORDER ITA 503/2015 and .....

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..... ssessee had deposited cash of ₹ 57,57,000 in his back account with Punjab National Bank at Rudrapur, Uttar Pradesh. When asked to explain the said cash deposit, the Assessee claimed that ₹ 34,00,000 was received on sale of ancestral property in Punjab. The balance amount of ₹ 23,57,000 was attributable to sale proceeds of agricultural produce. The Assessee also claimed to have so .....

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..... the agreements drawn on ₹ 10 stamp papers with the parties to whom the poplar trees were sold. Admittedly, no cash receipts were produced. The ITAT has in the impugned order returned a finding of fact that the Assessee could not establish that he received agricultural income from carrying on farming activities in the society land. Indeed, if the land to the above extent belonged to the socie .....

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