9911796707
TMI Blog2015 (9) TMI 1042X X X X Extracts X X X X X X X X Extracts X X X X ..... ITA No. 328/PN/2013. 2. The brief facts of the case are: The assessee filed his return of income for the assessment year 2009-10 on 29-03-2010 declaring total income of Rs. 5,67,160/-. The case of the assessee was selected for scrutiny and notice u/s. 143(2) was issued to the assessee on 18-08-2010. During the course of scrutiny assessment the Assessing Officer observed cash deposits on various dates total amounting to Rs. 25,87,500/-in the saving bank accounts (Rs.17,83,000/- in Rupee Co-operative Bank and Rs. 8,04,500/- in State Bank of India) of the assessee during the period relevant to assessment year in appeal. The assessee was asked to explain the source of cash deposits. The assessee explained the source of cash deposits as sales ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elated to each other. The assessees migrated to Pune around 10-12 years back. They had their agricultural land and live stock in their native village. The other two brothers of the assessee who stayed back were managing the agricultural land and live stock of the assessees. The assessee decided to dispose off their joint agricultural property along with live stock. There were some shesham trees on the agricultural land. The assessees separately sold standing crop and shesham trees before disposing of agricultural land. The assessees also sold their live stock. The sale consideration of agricultural land was transferred in the accounts of the respective assessees through bank draft. The consideration from sale of standing crop, shesham trees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of both the sides and have perused the orders of the authorities below. The additions in respect of both the assessees have been made on account of cash deposits in their respective saving bank accounts. In the case of assessee in ITA No. 328/PN/2013 the cash has been deposited on various dates in saving bank accounts maintained with Rupee Co-operative Bank and State Bank of India. In ITA No. 329/PN/2013 the amounts have been credited in the saving bank account of the father of the assessee. The contention of the ld. AR is that the cash amounts credited in the saving bank accounts are sale proceeds of standing crop, shesham trees and live stock. The assessees have allegedly received cash from following sources: ITA No. 328/PN/2013 Sale of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... absence of the assessees anyone will take care of live stock for such a long period in the native village. More so, when the assessees have no intention to return to their roots in near future, it would be implausible to maintain live stock in native village. Therefore, we confirm the addition in respect of cash receipts from the sale of live stock. 8. In the facts of the case, we deem it appropriate to remit the file back to the Assessing Officer to decide the issue afresh after considering the relevant documents. The assessee is directed to furnish Revenue records to show the presence of trees and crop on the agricultural land jointly owned by the assessees. The Assessing Officer shall also make an effort to verify authenticity of the do ..... X X X X Extracts X X X X X X X X Extracts X X X X
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