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2023 (9) TMI 104 - AT - Income TaxAddition u/s 68 - assessee has received unsecured loan - as per AO lenders are not capable of providing such loan to assessee - HELD THAT:- AO has not called any of the lenders for recording their statement nor bring any adverse material against the lenders. As during assessment proceedings, assessee has field complete details of lenders including identity of lenders and their creditworthiness and genuineness of such transaction. The loan was received through banking channel. CIT(A) has given a contradictory finding, where he held that addition u/s 68 is unsustainable and AO has not doubted the evidence relating to the loan and not rejected the books of assessee. CIT(A) again held that assessee failed to establish creditworthiness of creditors. Identity was not disputed by the AO. Considering the fact that assessee has discharged his primary onus in furnishing complete details to prove the genuineness of such transactions and AO has not examined the lenders nor brought any adverse material. The entire transactions took place through banking channel, therefore no justification for making such addition. In the result, ground No.1 of appeal raised by assessee is allowed. Characterization of income - addition by treating agricultural income as “income from other sources” - HELD THAT:- AO has not brought any adverse material on record to substantiate his contention that he is not exclusively undertaking the agricultural activities in the agricultural land under joint ownership. Neither the assessee has fully discharged his onus by filing confirmation from other co-owners that the land jointly owned by them is fully occupied and cultivated for the purpose of agriculture activities by assessee only, nor the assessing officer has brought any adverse material to fully discard the contention of the assessee. Therefore, keeping in view the agriculture income of earlier year accepted by the department, in my view an estimated/ lump sum allowance of Rs. 3.00 lakh as agriculture income would be sufficient to meet the end of justice. Thereby, remaining disallowance of agriculture income of Rs. 146,100/- is upheld.Assessee gets part relief.
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