9911796707
TMI Blog2023 (2) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... y complied with by the assessee as she is having sufficient cash balances in her books to make cash deposits in the bank account. It is not the case of the Revenue that the agricultural income earned by the assessee together with dairy receipts in cash were used by the assessee for some other expenses and the same is not available with her as cash source. Once the nature and source of cash deposits made in the bank account had been duly explained by the assessee with cogent evidences, there cannot be any addition u/s.68 of the Act as unexplained cash credit - no hesitation to direct the ld. AO to delete addition made - Decided in favour of assessee. Addition on account of gift received by the assessee from HUF by treating the same as un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the materials available on record. During the year, the assessee has shown receipt of agricultural income, income from business, income from house property and income from other sources. The return of income for the A.Y.2012-13 was filed by the assessee on 13/06/2013 declaring total income of Rs.3,50,120/-. The said return was selected for scrutiny and during the course of scrutiny assessment proceedings, the ld. AO found that assessee had deposited cash of Rs. 25,00,000/- in SB A/C. No.27604 maintained with Jana Kalyan Sahakari Bank Ltd. at Dadar Branch. The assessee was asked to explain the source of those cash deposits. The copy of bank statement of Jana Kalyan Sahakari Bank Ltd Dadar Branch vide SB A/c. No.27604 is enclosed in pages 20- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... To Manure 1,25,860 By Sale of Vegetables 13,34,587 To Agriculture Income 30,20,220 By Sale of Watermelon 4,62,500 By Sale of Muskmelon 5,97,500 Total Rs. 36,17,931 Total Rs. 36,47,931 3.2. The assessee submitted that she owned agricultural land admeasuring 7 Hectares and 10 Ares i.e. around 19 Acres of agricultural land which was under cultivation in this year. The assessee submitted the copy of 7/12 extr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per the general practice, the agriculture sale proceeds, net of expenses, were handed over to the family members at Mumbai which inturn were deposited in the bank account maintained at Mumbai. Hence, merely because agricultural income earned at Beed district were deposited in bank account at Mumbai, such cash deposits cannot be held to be sourced out of undisclosed income. It is not in dispute that assessee had indeed earned net agricultural income of Rs.30,20,220/-. In fact, the ld. CIT(A) in para 14.3 of his order categorically says that genuineness of agriculture income earned by the assessee is not in dispute before us. It is not in dispute that agricultural income of Rs.30,20,220/- is indeed earned by the assessee in cash. The assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessee for some other expenses and the same is not available with her as cash source. Once the nature and source of cash deposits made in the bank account had been duly explained by the assessee with cogent evidences, there cannot be any addition u/s.68 of the Act as unexplained cash credit. Hence, we have no hesitation to direct the ld. AO to delete addition made in the sum of Rs.25,00,000/- towards cash deposits in the facts and circumstances of the instant case. Accordingly, the ground No.1 raised by the assessee is allowed. 4. The ground No.2 raised by the assessee is challenging the confirmation of addition of Rs.6,00,000/- made on account of gift received by the assessee from Gopinath Munde HUF by treating the same as u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons given on behalf of Gopinath Munde HUF by the Karta, Smt. Munde and Coparcener Ms. Yashashree Munde confirming the gift given by HUF to assessee herein. The ld. CIT(A) did not deny the furnishing of these documents or did not draw any adverse inference on these documents. However, the ld. CIT(A) observed that the said receipt of gift would be governed by the provisions of Section 56(2)(vii) of the Act and that since HUF cannot be considered as amount received from relative by an individual assessee herein, the same would become taxable in view of the provisions of Section 56(2)(vii) of the Act. With this observation, the ld. CIT(A) upheld the addition made by the ld. AO. 4.3. The fact of assessee furnishing the aforesaid documentary e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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