9911796707
TMI Blog2018 (12) TMI 900X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the same for the cash found deposited in the bank of the assessee. Attributing the cash deposited to agricultural income returned for tax - Held that:- Revenue has treated the said income as income from undisclosed sources, rejecting the assessees contention that it was his agricultural income. But the said fact ,we hold, makes no difference so far as source of cash deposit in bank is concerned. Having accepted the fact that the assessee had earned income of ₹ 1,80,000/-, albeit from undisclosed sources, the same can be safely attributed as the source of cash deposited in the bank of the assessee - therefore, we direct that credit for the cash deposited in the bank be given for the income returned by the assessee of ₹ 1,37,110/- the agricultural income of ₹ 1,80,000/- returned by the assessee. Treating the agricultural income returned by the assessee as income from undisclosed sources - Contention for the assessee is that since it had established the ownership of land, the agricultural income earned therefrom was his income - Held that:- We find that the CIT(A) has given a categorical finding that the said income cannot be treated as his agricultural ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld be attributed to loans returned by relatives and ₹ 9,20,000/- to the agriculture income earned during the year from the sale of crop. Accordingly he accepted the explanation of the assessee vis- -vis deposits totaling ₹ 15,10,000/-. The balance cash deposit of ₹ 3,40,000/- was treated as unexplained by A.O and addition made on account of same to the income of the assessee. The A.O. also found that there was cash deposit of ₹ 1,50,000/- in the Saving Bank A/c maintained by the assessee with State Bank of Patiala, Patlikuhal which also remained unexplained. Addition of the same was also made to the income of the assessee. The A.O. further noted that assessee had returned Agriculture income of ₹ 1,80,000/- in his return of income but was neither the owner of any agricultural land, nor had demonstrated the same to the A.O. Therefore the agriculture income returned by the assessee of ₹ 1,80,000/- was treated as Income earned from undisclosed sources and added to the income of the assessee. 4. Aggrieved by the same, the assessee filed appeal before the Ld. CIT(Appeals), challenging all the above additions made by the A.O. The Ld.CIT(Appeals) del ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) Agriculture Income 1,80,000 Total 19,77,110 7. The assessee contended that out of the above amount ₹ 1,50,000/- was deposited in Saving Bank A/C of Patiala, Patlikuhal, leaving the assessee with the balance of ₹ 18,27,110/- which explained the cash found deposited of ₹ 18,50,000/- in the Saving bank A/c of the assessee in State Bank of India, Haripur. He therefore contended that the Ld.CIT(Appeals), had wrongly confirmed the addition of ₹ 1,90,000/- and ₹ 1,50,000/- on account of cash deposited in the said two bank accounts of the assessee, which were challenged by the way of ground Nos.2 3 raised before us. As for the addition made on account of agricultural income upheld by the CIT(Appeals) challenged in ground No.4 raised before us, the Ld. counsel for assessee contended that the agricultural land was transferred to him on the death of his father on 18.12.2010 which was evidenced by Fard of agricultural Land taken from the Patwari on 18/01/12 and on 19.09.2016. It was contended that the Ld.CIT(A) had wrongly mentioned the Fard as pertaining to A.Y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned the said income to tax. The Ld.DR has not rebutted the aforesaid contention of the assessee that credit be given of the income returned by it for the cash found deposited. We therefore see no reason for not giving any credit of the same for the cash found deposited in the bank of the assessee. 13. As regards the claim of the assessee of attributing the cash deposited, to agricultural income of ₹ 1,80,000/- returned for tax, we see no reason for denying the same also. The Revenue we find has treated the said income as income from undisclosed sources, rejecting the assessees contention that it was his agricultural income. But the said fact ,we hold, makes no difference so far as source of cash deposit in bank is concerned. Having accepted the fact that the assessee had earned income of ₹ 1,80,000/-, albeit from undisclosed sources, the same can be safely attributed as the source of cash deposited in the bank of the assessee. 14. In view of the above, therefore, we direct that credit for the cash deposited in the bank be given for the income returned by the assessee of ₹ 1,37,110/- the agricultural income of ₹ 1,80,000/- returned by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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