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2017 (4) TMI 351 - AT - Income TaxUnexplained investment in the capital of the firm - Held that:- No evidence before us to explain the source of investment of ₹ 1,00,000/- in the capital of the firm being ₹ 50,000/- each made on 15.5.2008 and 30.6.2008. Therefore, do not find any good and justifiable reason to interfere with the order of the CIT(A) and hence, this ground of appeal of the assessee is dismissed. Disallowing agricultural income - Held that:- Assessing Officer has not considered the income of ₹ 60,240/- shown by the assessee as agricultural income but treated the same as income from other sources of the assessee on the ground that the assessee failed to produce evidence of sugar cane cultivation and sale of sugar cane. Before me also the assessee has failed to produce any evidence in this regard. Therefore, find no good and justifiable reason to interfere with the orders of the lower authorities and dismiss the ground of appeal of the assessee. Estimating the interest on term deposit in bank - as contended that interest income of fixed deposit was offered to tax by consistently following method of offering interest income to tax in the year of receipt - Held that:- When questioned by the Bench what is the evidence that the assessee has offered to tax the interest income on fixed deposit of ₹ 1,05,000/- in the year on receipt, ld Authorised Representative of the assessee expressed his inability to produce any such evidence. In absence of the same, the argument of the ld A.R. of the assessee cannot be accepted.
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