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TMI Blog2019 (11) TMI 1370X X X X Extracts X X X X X X X X Extracts X X X X ..... s are from receipts of such business as well. Therefore, we are inclined to accept that some of the deposits to be from real estate business, while the others are from cash withdrawals made earlier. In view of the same, we are inclined to treat 50% of the deposits, which have been treated as income from other sources as unexplained and the balance 50%, we are inclined to accept the same as part of the agricultural income (in addition to ₹ 30 lakhs already treated as agricultural income by the AO) as redeposited into the bank account. Assessee gets relief accordingly. Thus, only 50% of the addition made by the AO is sustained. - Decided partly in favour of assessee. - ITA Nos. 1246 & 1247/Hyd/2018 - - - Dated:- 15-11-2019 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... male member of his family. He submitted that total extent of land of his family was 58.30 acres and in support of his submissions, he filed Pattadar Pass Books for the agricultural holdings held by self and family members, Bank account statements of Axis Bank and transactions narration sheets for the relevant period. 2.2 The AO, however, accepted the reasonable agricultural income @ ₹ 30 lakhs per annum from the entire agricultural land of 58.30 acres. He also observed that the assessee, in his sworn statement made before the ITO (Inv.-1), Hyderabad on 16/10/2015, had deposed that the cash deposits were from real estate business and some were collections from petrol bunk till the opening of current bank account. It was s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank account. He also explained the source of gross receipts to be from the agricultural operations and therefore, prayed that the entire amount should be treated as properly explained. 5.1 After going through the bank account statements, we find that assessee has been making cash deposits and also making corresponding cash withdrawals. Therefore, the contention of the assessee that the gross receipts from the agricultural operations were deposited, withdrawn and redeposited cannot be brushed aside in toto. The AO has relied upon the statement of the assessee recorded during the course of search, wherein he stated that he is also into various real estate business and cash deposits are from receipts of such business as well. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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