9911796707
TMI Blog2015 (10) TMI 1606X X X X Extracts X X X X X X X X Extracts X X X X ..... ile reveals that the assessee has filed the instant appeal after delay of four days. He filed a condonation petition dated 17.5.2007. The Revenue is fair enough not to dispute content thereof. We condone delay of four days in filing of this appeal accordingly. The case is taken up for decision on merits. 3. The assessee/individual is partner in a firm M/s. Jay Ambe Agro Industries. The Assessing Officer noticed him to have introduced additional capital worth Rs. 10,64,135/-. He sought for relevant details. The assessee gave five names in this regard i.e. Prajapati Baldevbhai Shankarbhai and family, Prajapati Govindbhai Shankarbhai and family, Prajapati Jerambhai Jivabhai and family, Prajapati Keshabhai Chhaganbhai and family and Prajapati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer's findings read that all of them are assessee's relatives, they had made cash deposits, their land records revealed bank loans against the lands in question, they had large families to maintain and these depositors had not furnished any bills against the sale of agricultural produce. All these resulted in the impugned addition being made in the assessee's income amounting to Rs. 10,64,135/-. 5. The assessee preferred an appeal. The CIT(A) has confirmed the Assessing Officer's action. This leaves the assessee aggrieved. 6. We have heard both sides. Case file perused. The assessee has filed a paper book containing land records, confirmations of the aforesaid five creditors. The Revenue strongly supports the CIT(A) order in fav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... because a farmer has pledged his land as a collateral security for obtaining same bank loan scheme does not necessarily mean that he is not having sufficient agricultural income. The third objection of large family being maintained on the same agricultural income is also without any basis. The authorities below have not done any homework or to inquire about sources of income in case of other family member; if any. Therefore, we hold that the impugned presumptions drawn in the course of assessment and affirmed in the lower appellate proceedings are without any supportive material. We accordingly hold that the assessee's maternal uncle a farmer had sufficient means to advancing cash loan of Rs. 2 lacs in cash since not having a bank account. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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