9911796707
TMI Blog2010 (9) TMI 1103X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3. The facts relating to the issue are stated in brief. The family members of the assessee owned 41.605 acres of land as detailed below: S.No Patta No. Name of the land holder Extent of land held 1 416 M.T.V. Ratnakar 11.00 acres 2 603 M.V.A. Sriramjee 11.94 acres 3 650 M. SitaMahalakshmi 4.69 acres 4 681 M.N. Chalamaiah 4.39 acres 5 604 M. Sesharatnam Karuna W/o Ratnakar 3.465 acres 6 682 M.T.V.M. Ratnakar 6.12 acres Total 41.605 acres It was stated that the assessee, his father and his brother are jointly cultivating the above said agricultural lands and the income derived was shared between the three persons on estimated basis. It was further stated that they do not maintain any books of account for agri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r hand the learned Departmental Representative submitted that the assessee has claimed to have received income in respect of agricultural land held in the name of female members of the family and the same is not acceptable because the balance sheet of the assessee does not reflect the names of family members as creditors. Accordingly he contended that the learned CIT (A) is correct in restricting the agricultural income only to the extent of the land standing in the name of the assessee. Further the Learned D.R submitted that the father of the assessee has admitted agricultural income of ₹ 10,000/- per acre in the assessment year 2004-05 and hence the estimated by the learned CIT (A) should be treated as reasonable and the same should ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee the said statement corroborates the income disclosed by the assessee, his father and his brother. However the fact remains that the A.O has not accepted the income disclosed by the assessee and during the course of assessment proceedings, he has estimated the income at ₹ 15,000/- per acre. Hence, we are of the view that it would be reasonable to sustain the estimate of ₹ 15,000/- per acre made during the course of assessment proceedings. Accordingly we direct the Assessing Officer to arrive at the agricultural income on 41.605 acres and distribute the same equally among the assessee herein, his father Shri M.V.A Sreeramji and his brother Shri M.T.V.M. Ratnakar. Consequently the income from other sources will also stand mo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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