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TMI Blog2024 (5) TMI 821X X X X Extracts X X X X X X X X Extracts X X X X ..... nd and also from the agricultural land belongs to the family and also some deposits from past savings in the bank account. However, AO has failed to take into consideration the above facts. Revenue has not been disputed about owning agriculture land by the assessee. It is quite fair to assume that the agricultural land must have yielded some produce and during the month of November, the assessee likely received some amount from the sale of agriculture produce. In view of the above facts and considering the other factors that allow any individual to deposit for a sum of Rs. 2 lakhs in cash during the period of demonetization, we deem it appropriate to restrict the addition to a sum of Rs. 2,00,000/-. Thus, the appeal of the assessee is partl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - were made by the assessee in the bank accounts during the demonetization period. On the basis of such information, a notice u/s. 142(1) dated 12.03.2018 was issued and was duly served. Vide the notice u/s. 142(1), the assessee was asked to file the return of income for the AY 2017-18. However, the assessee failed to file the return of income. Thereafter, the case was taken up for scrutiny by initiating proceedings u/s. 144 of the IT Act, 1961. 3.1 During the course of assessment, assessee was asked to show cause as to why the total cash deposits should not be treated as unexplained credits in accordance with the provisions of the IT Act and as to why not the same be charged to income tax as assessee's income for the financial year 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the source of the cash deposits was well-documented and readily available on record. The ld. AR pleaded that considering the above legitimate facts and circumstances, the addition of unexplained income was unwarranted and should be deleted. 6. Per contra, the ld. DR had relied upon the orders of lower authorities. 7. I have heard the rival contentions and perused the material on record. In the present case, the assessee is an agriculturist having source of income from agricultural produce and he has furnished the document showing the agriculture holding of 20 acres of land belongs to his wife and children. The assessee deposited the amount during the demonetization period, which included proceeds from the sale of agricultural produce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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