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TMI Blog2022 (11) TMI 579X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the AO on the ground that in the assessment year under consideration, the assessee has not having any agricultural income - HELD THAT:- We find that neither the Assessing Officer nor the ld. CIT(A) disputed the agricultural income of previous assessment year - We are of the opinion that out of agricultural income which was left with the assessee, the amount of .4,40,000/- was deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... volved in this appeal is relating to confirmation of addition of ₹.4,40,000/- towards unexplained cash credit under section 68 of the Income Tax Act, 1961 ["Act" in short]. 2. Facts are, in brief, that the assessee is the Managing Director of the company, M/s. MPS Steel Castings Pvt. Ltd. For the assessment year 2010-11, the assessee filed his return of income on 24.03.2012 admitting income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ggrieved, the assessee is in appeal before the Tribunal. When the appeal was taken up for hearing, none appeared on behalf of the assessee. On an earlier occasion also when the appeal was taken up for hearing none appeared. Hence, we proceed to decide the appeal on merits after hearing the ld. DR. 4. We have heard the ld. DR, perused the materials available on record and gone through the orders o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77;.13,49,730/-. We are of the opinion that out of agricultural income which was left with the assessee, the amount of ₹.4,40,000/- was deposited in the bank account on 16.06.2009. So the assessee has explained the source and the onus are charged by disclosing the source. Therefore, we find that the addition made by the Assessing Officer and confirmed by the ld. CIT(A) cannot be sustained. A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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