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2021 (9) TMI 990 - AT - Income TaxAddition u/s 69 - unexplained money invested in purchasing demand draft from Punjab National Bank - Addition u/s 69A as unexplained cash deposit in bank account - HELD THAT:- We observe that the assessee referred in this decision is also from the same area near Bhopal and against the estimation of agricultural income of ₹ 15,000/- per acre, this Tribunal estimated it at ₹ 22,000/- per acres. Taking basis from this decision even if we take a conservative figure of ₹ 15,000/- per acres then also the estimated income for 23 acres agricultural and for last 10 years comes to ₹ 34,50,000/- and after reducing 50% for household and other expenses there would still remain a saving of ₹ 17,25,000/-. Even this figure of ₹ 17,25,000/- could be sufficient to explain the source of alleged addition of ₹ 12,50,484/-. Under the given facts and circumstances of the case and the assessee being an owner of 23 Acres of agricultural land being consistently used for agricultural operations, are of the considered view that the accumulated income of past years as discussed above would be sufficient to explain the source of DD purchased in law of ₹ 2,25,000/- and also sufficient to explain the source of alleged cash deposit of ₹ 10,50,484/-. We accordingly set aside the finding of Ld. CIT(A), and delete the impugned addition - Ground no.2 & 3 of the assessee appeal are allowed.
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