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TMI Blog2015 (10) TMI 1606X X X X Extracts X X X X X X X X Extracts X X X X ..... We deem it appropriate to observe that merely 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 ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri S.N. Divatia, A.R. ORDER PER SHRI S.S. GODARA, JUDICIAL MEMBER This assessee s appeal for A.Y.2002-03, arises from order of CIT(A)-XII, Ahmedabad dated 12.1.2007 passed in case no. CIT(A)- XII/Wd.6(1)/103/05-06 upholding addition of unexplained cash credits amounting to ₹ 10,14,135/- made in the course of a regular assessment framed under section 143(3) of the Income Tax Act in short the Act . 2. A perusal of the case file 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntaining a large family. And he did not have any capacity to lend this money in question amounting to ₹ 2 lacs to the assessee. This made the Assessing Officer to doubt genuineness/creditworthiness of the assessee s claim resulting in section 68 being invoked for making the impugned addition. 4. It is evident from the assessment order dated 28.3.2005 that the other four creditors also files confirmation, land record documents as well as other details . The Assessing 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g crops and deriving agricultural income. The land record rather specifies the nature of the crop grown as well. Merely because he is a farmer not having enough documentary evidence of having sold the produce is no ground to dispute the aforesaid land revenue document. The other presumptions of collateral security is also a technical reason. The Assessing Officer appears to have applied business law principles in agricultural farming intricacies. We deem it appropriate to observe that merely 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 agricultu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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