Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (7) TMI 856 - AT - Income TaxCharacterization of income - agriculture income OR income from other sources - HELD THAT:- We find that lower authorities treated the amount as it was not a part of agricultural receipt and was shown as “cash”. We find that assessee failed to substantiate by any documentary evidence that any amount was received in cash from Shri Khedut Sahakari Khand Udhyog Mandli Ltd. Thus, we do not find any merit in the ground of appeal raised by assessee, hence, we affirm the order of Ld. CIT(A). This ground No1 of assessee’s appeal is dismissed. Disallowances of expense on agricultural income - HELD THAT:- AO while passing the assessment order noted that assessee has claimed agricultural expenses only 15% (round figure), which is on lower side and Assessing Officer estimated the expenses of 40% and after allowing set off of the expenses shown by assessee worked out the disallowances - Before Ld. CIT(A) assessee contended that certain expenses were borne by Shri Khedut Sahakari Khand Udyog Ltd. We find that such contention of assessee was not accepted by the ld CIT(A) for want of corroborative evidence. Before us assessee vehemently relied upon the order of co-ordinate Benches of ITAT Ahmedabad in the case of Narendrasinh Anoopsinh Jadeja (HUF) [2010 (3) TMI 1273 - ITAT AHMEDABAD] and also coordinate Bench of Chandigarh in the case of Shri Karanbir Singh Sandhu [2010 (3) TMI 1272 - ITAT CHANDIGARH] We find that coordinate bench of Tribunal in Narendrasinh Anoopsinh Jadeja (HUF) [2010 (3) TMI 1273 - ITAT AHMEDABAD] similar agriculture expenses were restricted to 30%. Therefore respectfully following the said judicial precedent, we direct the Assessing Officer to restrict the disallowance of agricultural expenses to the extent of 30% in place of 40%. The Assessing Officer is directed to re-compute the disallowance of expenses.
|