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2023 (8) TMI 23 - ITAT CHENNAIAddition u/s 68 - cash deposit in his savings bank account remains unexplained - Assessee explained to be agricultural income - HELD THAT:- As the agricultural income was not denied and he has explained source as he is the owner of agricultural land of 15 acres which was not controverted by AO in his assessment order or CIT(A) or now by the Senior DR before me, except creating some suspicion. We accept this credit as explained for the reason that the assessee has sources of earning i.e., agricultural income from 15 acres of land. Hence, addition of cash credit of Shri P. Karthikeyan is deleted hereby. Cash credit from Shri P. Sakthivel - Going by the ownership of land that Shri P. Sakthivel’s grandfather and mother was the owner of 5 acres of land and Shri M. Muthukumar is owner of 3.2 acres of land, it is not possible to have accumulated Rs. 8,00,000/- each for advancing this amount for purchase of land. However going by the status and holding of land, I estimate that both might have saved a sum of Rs. 4,00,000/- each and advanced these for purchase of land to the assessee. I estimate the balance undisclosed income at Rs. 8,00,000/-. Accordingly, I estimate the explained money of these two cash credits namely Shri P. Sakthivel and Shri M. Muthukumar of Rs. 8,00,000/- and balance Rs. 8,00,000/- to be treated as unexplained. Appeal filed by the assessee is partly-allowed.
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