Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 660 - AT - Income TaxAddition u/s 69 - unaccounted investment - Held that:- The authorities below have not disputed the fact that Shri Adisal was owning 8 acres of land jointly with other co-owners. However, the CIT(A) discarded and rejected the explanation of the assessee, affirming the conclusion of the AO that there has been no evidence given by the assessee to substantiate that he had received proceeds from agricultural produce. When we observe the copies of the revenue patwari record column 5, we note that in the details of agriculturists it has been mentioned “Khud Kast” meaning thereby the owner of the land himself is doing agricultural activities on the said land, therefore, we may safely infer that the father of the assessee was actively doing agricultural activity on the 8 acre of land which was owned by him jointly with other co-owners prior to the relevant financial year 2007-08. In this situation, we are unable to agree with the conclusion of the authorities below that there has been no evidence given by the assessee to substantiate that he (Shri Adisal) received proceeds from agriculture produce which was further given to the assessee towards purchase of steel for construction of assessee’s house. In this situation, primary onus lies on the assessee as per requirement of section 69 of the Act and has been discharged by the assessee. In this situation, the onus was shifted on the AO to show that the explanation submitted by the assessee was not sustainable and the father of the assessee Shri Adisal had not earned any agricultural income from agricultural land owned by him. Finally, we reach to a conclusion that the assessee properly explained source of investment of ₹ 2,80,000 which was incurred by him towards purchase of steel towards construction of his house, therefore, no addition u/s 69 of the Act is called for. See CIT vs Lal Transport Corporation (2008 (7) TMI 957 - HIGH COURT OF PUNJAB & HARYANA). - Decided in favour of assessee.
|