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2019 (2) TMI 1319 - AT - Income TaxReopening of assessment - Estimating of income from fish ponds - survey u/s 133A - AO found that the assessee are engaged in the pisci culture in 86 acres of fish tanks taken on lease - HELD THAT:- In the instant case, the AO has reopened the assessment since the income declared by the assessee was less than ₹ 15,000/- per acre. In response to the notice, the assessee have admitted the income @ ₹ 15,000/- per acre of water spread area and the lower authorities failed to bring any evidence or material to support the contention that the income is more than ₹ 15,000/- per acre admitted by the assessee. Therefore, respectfully following the view taken by this Tribunal we hold that estimation of income at ₹ 15,000/- per acre is reasonable. Accordingly, we set aside the orders of the lower authorities and allow the appeals of the assessee.
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