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2022 (9) TMI 966 - Income Tax
Addition considering the exempt agriculture income as income from other sources - HELD THAT:- The assessee has submitted before assessing officer, various details and evidences in support of agricultural income, vide letter dated 28.03.2016. That is, during the assessment proceedings, assessee submitted sale bills, Vouchers, details of expenses. The books of accounts were also produced by assessee along with photographs of Crop before the AO. We note that assessing officer has not refuted or discredited these evidences and documents.
AO does not mention why he is not accepting these evidences. On the contrary, the assessing officer has just brushed aside these evidences without even a word on why they are not acceptable. It is a well settled Law that when an assessee has all the possible evidence in support of its claim, they cannot be brushed aside based on surmises. Hence, we are not inclined to accept the contention of the AO in any manner and hence the addition so made is deleted. Hence this ground of the assessee is allowed.
Claim of depreciation denied - eligibility of assessee for set off of carry forwarded losses - HELD THAT:- We have heard both the parties and noted that if the assessee is eligible to claim depreciation and set off of carry forwarded losses of proceeding years, it should be allowed to him as per law, therefore, we remit these issues back to the file of the assessing officer with the direction to examine the eligibility of the assessee to claim depreciation and eligibility of assessee for set off of carry forwarded losses of proceeding years and then after adjudicate these issues in accordance with law. For statistical purposes, these two grounds raised by the assessee are treated to be allowed.