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2023 (4) TMI 1161 - ITAT HYDERABADCharacterization of income - addition made towards agricultural income treating the same as income from other sources - HELD THAT:- Respectfully following the order of the Tribunal in assessee’s own case for the preceding 3 A.Ys,[2022 (7) TMI 493 - ITAT HYDERABAD] we are of the considered opinion that an amount of Rs.40,000/- may reasonably be estimated as agricultural income for the impugned A.Y. We accordingly modify the order of the CIT (A) and direct the Assessing Officer to give benefit as agricultural income and the balance amount is to be treated as “income from other sources”. Ground of appeal No.2 by the assessee is accordingly partly allowed. Correct head of income - Cash received as rental income - Income from house property or house property - addition by treating the same as “income from other sources” as against rental income shown by the assessee on the ground that the assessee could not prove the existence of the persons against whom he has shown the cash receipt as rental income as those persons were not in existence and were not traceable - HELD THAT:- We do not find any force in the above argument of the learned Counsel for the assessee. It is an admitted fact that the assessee was giving loan against mortgage of the property and such interest income received towards loan extended against mortgage of properties cannot partake the character of rental income. We find the learned CIT (A) while upholding the addition has also given a finding that since the assessee has already offered the rental income under the head income from house property as per remand report, the addition should be limited to the disallowance u/s 24(b) of the Act only which in our opinion is just and proper and needs no interference. Accordingly, ground of appeal No.3 by the assessee is dismissed.
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