9911796707
TMI Blog2020 (12) TMI 978X X X X Extracts X X X X X X X X Extracts X X X X ..... loan from Syndicate Bank. Information submitted by the assessee cannot be disbelieved. But the fact remains though the assessee has filed the details, there are no observations of the A.O nor the assessee could explain that the expenses and income allocated to the assessee share are not considered in the M/s Sankalp farm. Further, the assessment records of M/s Sankalp farms are not available with the A.O. Therefore, to meet the ends of justice, We provide one more opportunity to the assessee to establish and clarify the income generated in agricultural activities and the expenses incurred Accordingly, we set aside the order of the CIT(A) and remit the entire disputed issues to the file of assessing officer for limited purpose to verify ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing officer (A.O) based on the AIR information, found that the assessee has made cash deposits of ₹ 18,50,000/- in the bank account maintained with ICICI Bank as under: 22.07.2011 - 5,00,000 03.08.2011 - 1,00,000 15.09..2011 - 4,50,000 18.10.2011 - 5,00,000 21.12.2011 - 3,00,000 2.1 The assessee vide letter dated 05.02.2015 has disclosed the receipts of ₹ 19, 00,461/-as sale proceeds from agricultural product ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration of the receipts from the agricultural activities and also expenditure incurred for the purpose of cultivation. Therefore, the A.O. is of the opinion that the cash deposits in the ICICI bank account are unexplained and made addition u/s 68 of the Act and the agricultural income as not genuine and assessed the total income of ₹ 32,45,550/- and passed the order u/s 143(3) of the Act on 23.02.2015. 3. Aggrieved by the order, the assessee has filed an appeal with the CIT(A.) In appellate proceedings Ld. CIT(A) considered the grounds of appeal, written submissions of the assessee and evidences filed in support of land holding by the assessee. The Ld.CIT(A) observed that the assessee has disclosed the agricultural income of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parties and perused the material on record. The Ld. AR emphasized that the A.O and CIT(A) have erred in denying the sources of agricultural income generated out of the agriculture activities. The assessee and her family members are partners in M/s Sankalp Farms and the brand name of the firm is used by the family members for all agricultural operations . Even in assessee s case, the receipts are in the name of the M/s Sankalp Farms, the Ld. AR referred to page 29 to 36 of the paper book in respect of sample copies of bills for sale of flowers and at page 37 to 79, ledger account of expenses along with sample copies of bills. Whereas, the expenditure incurred is in the name of M/S Sankalp farms. There is no doubt on the genuineness of purcha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was selected for scrutiny and order u/s 143(3) of the Act was passed The Ld. AR also demonstrated the financial statements of M/s Sankalp Farms at page 17 to 23 of the paper book. Considering the overall facts and the evidences filed as reiterated by the Ld. AR, the information submitted by the assessee cannot be disbelieved. But the fact remains though the assessee has filed the details, there are no observations of the A.O nor the assessee could explain that the expenses and income allocated to the assessee share are not considered in the M/s Sankalp farm. Further, the assessment records of M/s Sankalp farms are not available with the A.O. Therefore, to meet the ends of justice, We provide one more opportunity to the assessee to establish ..... X X X X Extracts X X X X X X X X Extracts X X X X
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