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TMI Blog2024 (12) TMI 1373X X X X Extracts X X X X X X X X Extracts X X X X ..... o be accepted. No adverse findings have been rendered for agricultural income. The assessee has offered agricultural income of Rs. 2.07 Lacs which is to be accepted. The claim of past savings of Rs. 5.50 Lacs cannot be rejected merely because the assessee has availed loan. Therefore, the same has to be accepted. Considering the entirety of facts of the case and with a view to settle the dispute, we direct Ld. AO to accept business income of Rs. 1.80 Lacs and also agricultural income of Rs. 2.07 Lacs. The addition for unexplained asset would stand restricted to Rs. 2 Lacs. - Hon ble Shri Manoj Kumar Aggarwal, Accountant Member And Hon ble Shri Manu Kumar Giri, Judicial Member For the Appellant : Shri. M. Karunakaran, Advocate For the Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... celess Appeal Centre (NFAC) erred in confirming the addition of Rs. 17,59,504/- as unexplained investment under section 69 of the Act. 2. The appellant submits that the assessment was re-opened u/s 148 as there was unexplained cash deposit in the bank account to the extent of Rs. 31,25,000 but the assessing officer has not made any addition towards unexplained cash deposit at all but made an addition of Rs. 17,59,504 under section 69 as unexplained investment in an asset. 3. The appellant submits that it is well settled law that if no addition is made on the basis of the reasons to believe recorded by the Assessing Officer for reopening the assessment under section 148 of the Act, resort cannot be had to Explanation 3 to section 147 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w erred in not accepting the source for the cash deposited in the bank out of income derived from plying of three lorries of Rs. 5,58,000 shown before depreciation. 10. The appellant submits that M/s Sakthi Sugars Ltd. who have availed the transport services from the appellant had given the details of freight charges paid which alone was offered for tax. 11. The Assessing officer having accepted that one lorry stood in the name of the appellant ought to have allowed the income attributable thereto and he should not be imagined that the lorry would have been sold during the year for denying the income from the lorry owned by the appellant. 12. The appellant submits that the other two lorries were taken on hire from the original owners and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt to the receipt of information that the assessee deposited cash of Rs. 31.25 Lacs in his savings bank account, the case was reopened and notice u/s 148 was issued on 29.03.2018 wherein the assessee was required to explain the source of the same. The assessee filed return of income manually on 16.09.2019 admitting an income of Rs. 1.80 Lacs u/s 44AE from running of lorries and agricultural income of Rs. 2.07 Lacs. The source of cash deposit was stated to be as under: - No. Particulars Amount (Rs.) 1. Lorry Hire Income Rs.5,58,000/- 2. Jewel Loan Income Rs.4,91,400/- 3. Agricultural income Rs.3,99,000/- 4. Wife Jewel Sale Rs.8,25,000/- 5. Past year agricultural income accumulated Rs.5,50,000/- Total Rs.28,23,400/- In support of lorry income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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