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2013 (7) TMI 390 - HC - Income TaxOnus of proving - agriculture income - source of deposit of huge cash in investment in shares - the assessee is claiming loss –Held that:- No details regarding the expenses on cultivation was filed except copy of the books of account. No evidence in support of purchase of seeds, fertilizers and pesticides were made available. What infrastructure the company had for doing this agricultural activities were also not furnished. In the light of the above observations as well as the observations of the Assessing Officer in his assessment order, the plea of the appellant regarding agricultural income cannot be accepted. Appellant failed to provide adequate material on the points raised by the AO as well as the CIT (Appeals) and even before the learned Appellate Tribunal - the appellant was not the owner of the land and the agreements were full of discrepancies pointed out by the AO - it was for the appellant to produce the owner to the satisfaction of the AO for examining or by acceptable evidence or otherwise as also in meeting with the various defects/discrepancies pointed - but the appellant did not produce the said land owners and to meet with the various points. Validity of transaction - Purchase and sale of shares is available but no details of opening and closing stock given. No details given as to shares of which company have been purchased or sold - Without such details, one cannot ascertain the quantum of profit or loss - appellant was not able to prove from reliable evidence as to deposit of amount in cash in the bank of the amount and investing/trading in shares despite of several opportunities provided to him – appeal decided against the assesse.
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