9911796707
TMI Blog2022 (4) TMI 1315X X X X Extracts X X X X X X X X Extracts X X X X ..... e agricultural income and nature of crop cultivated by him. In the absence of any details furnished by the assessee, the learned CIT(A) estimated the average agricultural income as ₹ 5.6 lakhs which is reasonably allowable and he accordingly confirmed the remaining ₹ 18.3 lakhs as the unexplained credit under Section 68 of the Act. In the assessee s case that the assessee is non-cooperative with the Assessing Officer in spite of seven opportunities given to him by the Assessing Officer. The assessee has also not furnished the bills, bank statements even before the learned CIT(A) in spite of enough opportunities given by the learned CIT(A). Further, the present appeal is filed before the Tribunal with a delay of 101 days; so, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed Departmental Representative appearing for the Revenue has no serious objection in condoning the above delay. Therefore, we condone the delay in filing the appeal before the Tribunal and take up the appeal for hearing. 3. The brief facts of the case are that the assessee is an individual engaged in the business of trading of furnace oil, fuel oil and bitumen in the name and style of Subhi Impex. The assessee is also having income from other sources as also has agricultural income. For Assessment Year 2016-17, the assessee has filed his return of income on 10.01.2017 declaring total income of ₹ 4,18,580/-. The assessee s case was selected for limited scrutiny assessment and notice under Section 143(2) of the Income-tax Act, 1961 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ained cash credit under Section 68 of the Act and added the same to the total income of the assessee. The Assessing Officer also calculated the tax on ₹ 23,90,000/- under Section 115BBE of the Act and initiated the penalty proceedings accordingly. 4. Aggrieved by the assessment order, the assessee filed an appeal before the learned CIT(A). The findings recorded by the learned CIT(A) in his impugned order are as follows:- 2.5 I have considered the facts of the case. The appellant has tried to explain cash deposit of ₹ 23,90,000/- through agricultural income. The appellant has also placed on record proof of land holding, copy of Forms 7/12 and Income Tax return filed disclosing agriculture income for different years. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated in cash. Therefore, the cash deposit in the form of agricultural income of ₹ 18,30,000/- (23,90,000/- - 5,60,000/-) is confirmed as undisclosed unexplained credit u/s. 68 of the Act which has become undisclosed income of the assessee for the year. The assessee gets relief of ₹ 5,60,000/-. Accordingly, the appeal of the assessee is partly allowed. 5. Aggrieved against the order of the learned CIT(A), the assessee is in appeal before this Tribunal, raising the effective solitary ground viz. the CIT(A) has erred in law in confirming addition of ₹ 18,30,000/- as unexplained cash credits u/s 68 r.w.s. 115BBE of the Act, which is nothing but the agricultural income. Further by way of ground No.2, the assessee has plea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame before the lower authorities has been properly explained by the assessee. He accordingly submitted that the Tribunal may take appropriate view in the case of the assessee in the circumstances narrated above. 8. We have gone through the materials available on record and given our thoughtful consideration. As rightly stated by the learned DR, the assessee was given ample opportunities by the Assessing Officer; however, the assessee has not produced relevant details, documents, bills and bank statements before the Assessing Officer. The case of the assessee is that it is holding agricultural land and also showing agricultural income for AYs 2014-15 to 2018-19, i.e. two years prior to the present AY 2016-17 and also two preceding assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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