Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (2) TMI 3 - AT - Income TaxTreating 50% of the agricultural income as income from other sources - Held that:- From the receipts of agricultural income, we find that the assessee is having sufficient agricultural income and has stated the same in the return. On this issue, we may clarify that the assessee at the request of the Bench pointed out that the receipts are only up to March 2004 and in the subsequent assessment year i.e., A.Y. 2005-06 receipts are from April to 30.3.2005. Hence the receipts for both the A.Ys. 2004-05 and 2005-06 have to be taken together and the total income declared by the assessee in the returns for A.Ys. 2004-05 and 2005-06 amounting to ₹ 10,57,768 and ₹ 7,41,439 have been produced. Therefore, we are of the opinion that the assessee has satisfactorily discharged his onus of (1) holding of agricultural land which has been gifted from his mother Dr. Adi Lakshmi, (2) income from the said land from grape and mango orchards and coconut trees which has accrued from the A.Y. 2001-02 and even from an earlier period in hands of his mother and (3) the net agricultural income has been arrived at supported by agricultural receipts which have been enlisted at pages 3 and 6 of the Paper Book for A.Ys. 2004-05 and 2005-06, respectively. The overall receipts for the two years put together add up to the income returned by the assessee. In these circumstances, disallowance of 50% of the claim, holding the same to be income from other sources by the CIT(A), is not justified. - Decided in favour of assessee.
|