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2019 (2) TMI 166 - AT - Income TaxAddition u/s 69 as unexplained investments - non-declaration of agricultural income in the return of income - Held that:- It is an admitted fact that the assessee is owner of 8.50 acres of land. In all probabilities, the assessee would have earned agricultural income. The assessee has produced agreement dated 02.04.2009 to support the claim of receipt of agricultural income. By virtue of this agreement, the assessee was in receipt of ₹ 11,00,000. The agreement dated 02.04.2009 was not accepted by the CIT(A) since the assessee had not made out a case for exception to Rule 46A of the I.T.Rules, 1963. However, taking into the totality of circumstances of the case and that the assessee is the owner of the land to the extent of 8.50 acres, which is having rubber, coconut, pineapple plantation, cardamom plantation etc., the receipt of agricultural income cannot be totally ruled out. Therefore, on a fair estimation of agricultural income out of 8.50 acres of land, there could be receipt of agricultural income to the tune of ₹ 2 lakh. Direct the AO to grant further reduction of ₹ 2 lakh out of ₹ 5,64,012 and balance ₹ 3,64,012 alone should be brought to tax as an unexplained deposit in the hands of the assessee. It is ordered accordingly.
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