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2022 (6) TMI 241 - AT - Income TaxComputation of the turnover by AO as the total deposits in the bank accounts as against the turnover declared by the assessee - transaction relating to personal agricultural proceeds of Tomato and Onion not concerned to trading transactions - confirmation of trading transactions instead of declared trading receipt - THAT:- Assessee has not produced any documentary evidence to show that certain deposits relate to the agriculture sale proceeds of neighbouring agriculturist and therefore, in the absence of any confirmation or documentary evidence, it is against the preponderance of probability that the sale proceeds of the agriculturists would be deposited in the bank account of the assessee The sale proceeds of the family members of the assessee is also unlikely to be deposited in the bank account of the assessee. Thus the assessee’s own sale proceeds of Tomato and Onion as well as the withdrawal of cash which can be utilized for the subsequent deposits in the bank account, the interest on the saving bank account and LIC receipts as claimed by the assessee cannot be treated as part of the turnover of the assessee. The assessee though produce land holding record as well as the affidavit in support of the claim however, neither the Assessing Officer nor the CIT(A) has taken any step to verify these facts or to determine the quantity of the Tomato and Onion production in the land holding of the assessee and sale proceeds of the same. Hence, taking the entire deposits in the bank account without considering the sale proceeds of the assessee’s own agriculture produce and the source of deposit representing the interest and LIC receipt is not justified. The impugned order is set aside and the matter is remanded to the record of the Assessing Officer to re-adjudicate the same after considering the quantity and sale proceeds of the Tomato and Onion produced by the assessee from his own land holding as well as the interest income and LIC receipt which cannot be part of the turnover. The record of the land holding and the agriculture produce on the land belonging to the assessee is required to be verified and examined by the Assessing Officer and then to decide the issue afresh. Needless to say an appropriate opportunity of hearing be given to the assessee before passing the fresh order.
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