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2024 (5) TMI 821 - ITAT HYDERABADAddition of unexplained income - cash deposits during the demonetization period - as per assessee sources for the deposits to be of' agricultural income' - HELD THAT:- As the assessee is an agriculturist having source of income from agricultural produce and he has furnished the document showing the agriculture holding of 20 acres of land belongs to his wife and children. The assessee deposited the amount during the demonetization period, which included proceeds from the sale of agricultural produce from his agricultural land and also from the agricultural land belongs to the family and also some deposits from past savings in the bank account. However, AO has failed to take into consideration the above facts. Revenue has not been disputed about owning agriculture land by the assessee. It is quite fair to assume that the agricultural land must have yielded some produce and during the month of November, the assessee likely received some amount from the sale of agriculture produce. In view of the above facts and considering the other factors that allow any individual to deposit for a sum of Rs. 2 lakhs in cash during the period of demonetization, we deem it appropriate to restrict the addition to a sum of Rs. 2,00,000/-. Thus, the appeal of the assessee is partly allowed.
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