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2019 (7) TMI 1890 - AT - Income TaxUnexplained income on account of investment in margin money of share trading besides RD Interest - Addition of investment by the assessee after withdrawing from the bank account jointly held with his father - HELD THAT:- Agricultural land was owned by the assessee’s father.However, the assessee has not claimed such an agricultural income from his father either in the earlier assessment years or in the succeeding years. Over and above the assessee’s father is neither filing return of income nor any statement of account including income and expenditure statement of working of his agricultural income has been furnished by the assessee either before Authorities below or before us so as to ascertain the correct amount of agricultural income. Assessee has failed to produce material documentary evidence to proof cultivation of agricultural produce by way of Khasra Khatauni, source of irrigation (tube well/canal), evidence on cold storage etc. to justify the cash deposits in the aforesaid joint bank account in which even the cash deposits do not correlate with the proceeds emanating from Mandi Parishad.Therefore, the agricultural income claimed from the sale of accumulated produce of two and a half years in between March 2010 to October 2010 towards cash deposit in the bank account in anticipation to corresponding withdrawals to the agricultural operations to be carried out for earning such volume of agricultural income is rightly disbelieved by the ld. CIT(A),to demonstrate availability of cash for investment in margin money of share trading business. Addition in respect of the accumulated interest on RD A/c - it is noticed that the aforesaid interest amount was found credited in the RD bank amount in the year under consideration by the AO. Since, the assessee failed to demonstrate on the basis of documentary evidence that the said Interest income was related to earlier years either before the authorities below or before us and therefore, we are inclined to appreciate the finding of the CIT(A) on this issue as legal and justified and confirm the addition accordingly. This ground of appeal is also rejected. Assessee appeal dismissed.
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