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TMI Blog2021 (8) TMI 712X X X X Extracts X X X X X X X X Extracts X X X X ..... ance cash of ₹ 11, 05000/- out of the total so withdrawn cash of ₹ 15,50,000/- was spent elsewhere. Thus in the light of facts of the assessees ownership of agricultural land and 33 buffaloes, the agricultural income shown at ₹ 6,50,000/- is quite reasonable and as such, accepted. Thus, the appellant assessee gets further relief of ₹ 2,50,000/- on account of agricultural income. Further, the remaining balance cash deposit of ₹ 2,73,004/- [16,28,004 13,55000 (11,05000+2,50000) can be allowed as explained as the personal saving out of agricultural income to the assessee, in the absence of any cogent evidence brought on record by either of the lower authorities to prove otherwise. Thus, the appellant assessee claims to have deposited ₹ 16,28,004/- out of his savings from agriculture income, sale of live stocks (33 buffalos) stands explained. - Decided in favour of assessee. - I.T.A. No. 387/Asr/2018 - - - Dated:- 16-8-2021 - Sh. Laliet Kumar, Judicial Member And Dr. M. L. Meena, Accountant Member For the Appellant : None For the Respondent : Sh. Charan Dass, DR ORDER PER DR. M. L. MEENA, AM: This appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffaloes was made who have given a receipt of ₹ 9,89,000. He further stated that the appellant in the counter comments has stated that AO has not given credit of agricultural income of ₹ 6,50,000 earned by him, has also not given credit for the opening balance of ₹ 2,74,996 in the bank account; that it had made withdrawal of ₹ 15,50,000 on 22-05-2008 from the bank account, out of which an amount of rupees for 4,45,000 has been subsequently deposited on 13-06-2008 in the bank account. The Ld. CIT(A), having considered the evidence available on record, held that there is no justification on the part of the AO in not giving credit for the agricultural income earned by the appellant, sale of buffaloes and opening capital. However, he has confirmed addition of ₹ 16,28,004/- out of ₹ 51,37,000 made by the Income Tax officer, Nakodar on account of alleged unexplained deposits in assessee s Bank Account. 4. Assessse being aggrieved with the order of the CIT(A) is in appeal before us on the issue of bank deposits, explaining the same were being made from his explained sources of income. None attended for the assessee, but in support of his grounds o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ages 3 4 of the Paper Book. The Cash Flow Statement shows that there is no negative cash in hand at any stage during the year. The under signed has prepared the break-up of the cash receipt as per cash flow statement and cash deposits accepted by Worthy Commissioner of Income Tax (Appeals) which shows sufficient cash withdrawls to explain the remaining cash deposits in the bank. Your honour will kindly notice that the Counsel who appeared before Worthy CIT (Appeals) claimed benefit of cash withdrawal of ₹ 15,50,000/- on 22.05.2008 to explain cash deposits in the Bank Account. The CIT (Appeals) allowed the benefit of ₹ 4,45,000/- only being amount deposited on 13.06.2008. Date Amount 08.04.2008 50,000/- 25.04.2008 85,000/- 22.05.2008 15,50,000/- 11.06.2008 1,70,000/- 19.06.2008 4,50,000/- 03.07.2008 20,000/- 07.07.2008 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to kindly consider the cash flow statement as placed on record and allow the benefit of Rs. l6,28,004/-as against withdrawals of ₹ 35,20,000/-made from the same bank and in the same year by the assessee and also the case law relied above and delete the additions confirmed by the Worthy Commissioner of Income Tax (Appeals) and oblige. 5. The defendant Addl. CIT(DR) stands by impugned order. 6. We have heard rival contentions, perused material on record and citations relied in support. It is admitted fact that 7. The appellant assessee grievance is that the Ld. CIT (A) has allowed claim of the benefit of ₹ 4,45,000/- only out of the cash withdrawal of ₹ 15,50,000/- on 22.05.2008 being the amount of cash deposited on 13.06.2008 the alleged Saving Bank Account. 8. It is fact on record that the Commissioner of Income Tax (Appeals) has treated cash deposits of ₹ 35,08,996 out of explained sources of income, as above, namely Sale of land and lives stock, agricultural income and opening cash in hand besides part cash withdrawal of the claim of the assessee which is not under dispute. In our view, the benefit of cash withdrawn of &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unexplained, unless, the Ld. CIT (A) is able to establish that such part of agricultural income was bogus/inflated with corroborative evidences. In our view, in the light of facts of the assessees ownership of agricultural land and 33 buffaloes, the agricultural income shown at ₹ 6,50,000/- is quite reasonable and as such, accepted. Thus, the appellant assessee gets further relief of ₹ 2,50,000/- on account of agricultural income. Further, the remaining balance cash deposit of ₹ 2,73,004/- [16,28,004 13,55000 (11,05000+2,50000) can be allowed as explained as the personal saving out of agricultural income to the assessee, in the absence of any cogent evidence brought on record by either of the lower authorities to prove otherwise. Thus, the appellant assessee claims to have deposited ₹ 16,28,004/- out of his savings from agriculture income, sale of live stocks (33 buffalos) stands explained. 11. In view of above, we accept the grievance of the assessee genuine and accordingly the addition of ₹ 16,28,004/- so confirmed by the CIT(A) is hereby deleted. 12. In the result, the appeal of the assessee is allowed. Order pronounced in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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