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2019 (7) TMI 1310 - AT - Income TaxAssessment u/s 153A - disallowance of claim of agricultural income earned from the lands taken on lease - the assessee did not even furnish any proof of agricultural activities was being carried out at the said lease hold land - HELD THAT:- When the assessee has claimed to have been carrying out agricultural activity at such a large scale, the normal corollary would be that assessee might have incurred huge expenses in the form of purchase of seed, tilling/cultivation of land, electricity bills and transportation of the agricultural produce and above all proof of sale of agricultural produce. In our considered view, the evidences so furnished by the assessee in support of his claim are not sufficient to come to a conclusion that the assessee has been carrying out any agricultural activity at the lease hold land and earning agricultural income there from. Therefore, the finding of fact as arrived at by the authorities below cannot be disturbed. This ground of the assessee’s appeal is dismissed. Addition of opening cash balance - HELD THAT:- It is undisputed fact that the revenue has assessed business income from transport business by applying a net profit @ 8%. Therefore, it cannot be presumed that assessee was not having opening cash balance. Considering the totality of the facts, we delete this addition. Assessment of business income from transport business by applying a net profit @ 8% - HELD THAT:- We find that the A.O. has estimated the profit without comparing with similarly situated persons. We find that the Tribunal in one of the cases has taken a view of net receipt @ 5.5%. We therefore taking a consistent view direct the A.O. to adopt the net profit @ 5.5% and re-compute the addition accordingly. 37. Ground No.3 is general in nature and needs no separate adjudication. Unsecured temporary loans - proof of returning the same was filed - HELD THAT:- As perused the materials available on record and gone through the orders of the authorities below. The assessing officer has not given any finding whether these amounts were repaid during the year under consideration despite the matter was restored to the A.O. The assessee has placed on record proof of returning of amount through banking channel which is not rebutted by the revenue, therefore, we direct the A.O. to delete this addition Addition u/s 68 - HELD THAT:- As perused the materials available on record and gone through the orders of the authorities below. It was incumbent upon the assessee to prove genuineness of the transactions, identity and creditworthiness of the creditors. The assessee has failed to discharge onus as placed on him to prove. Therefore, we do not see any infirmity in the order of the Ld. CIT(A) and the same is hereby affirmed. Unexplained bank a/cs of Fareeda Sultan - HELD THAT:- As perused the materials available on record and gone through the orders of the authorities below. We find that the money credited to in the account of wife of the assessee amounting to ₹ 45,000/- has been added to the income of the assessee. In our view, the A.O. was not justified to make addition in the hands of the assessee. Without considering the fact that such a small amount could be saving from the gifts, etc. therefore, we direct the A.O. to delete this addition.
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