9911796707
TMI Blog2012 (9) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... et us first take up the assessee's appeal in ITSS 113/Coch/2005. 3. The first ground of appeal is with regard to estimation of agricultural income of Rs. 20,04,828. 4. Shri C.R. Harish, the ld.representative for the assessee submitted that the assessee has disclosed agricultural income in the cash flow statement and also in the return of income. According to the ld.representative, the assessee has also disclosed additional agricultural income in respect of property subsequently acquired by way of power of attorney. The ld.representative submitted that the assessee has acquired 8 acres of rubber estate and 10.28 acres of coconut, areca net, pepper, plantain, etc. According to the ld.representative, the assessee is not maintaining any book ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... closed Rs. 29,45,000 as agricultural income in the block return. It is a disclosure made by the assessee voluntarily. In the absence of any material to support the claim of the assessee towards agricultural income, the assessing officer has taken the same as undisclosed income. When the assessee claims that the agricultural income was earned it is for the assessee to support that the income was earned during the year under consideration. Moreover, what was said to be acquired additionally was 8 acres of rubber estate and 10.28 acres of coconut, areca nut, pepper, plantain, etc. Out of this, the assessee could not have earned so much agricultural income as disclosed in the block return. But the fact remains is that the assessee has invested ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 which was marked as RRA2, the assessing officer computed the total income. According to the ld.DR, this income was not disclosed to the department earlier which was unearthed during the course of search operation. 10. We have considered the rival submissions on either side and also perused the material available on record. It is not in dispute that Pazheri Communication was a proprietory concern dealing in mobile, handsets, prepaid sim card and other accessories. But the income from this proprietory concern was not disclosed to the department earlier. It was admittedly unearthed during the course of search operation. During the course of search operation the profit and loss account and balance sheet for the period 01-04-2001 to 31-03-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has admitted Rs.32,03,000 in addition to his share of capital gain already disclosed in the return of income. Therefore, the addition made by the assessing officer to the extent of Rs.35,78,857 is not correct. According to the ld.representative, the 50% of the share of the assessee on the deduction of indexed cost of acquisition of land shall be Rs.7,51,715. The Commissioner of Income-tax(A) without any discussion restricted the capital gain at Rs.3,75,857. 13. On the contrary, Shri S.R. Senapati, the ld. DR submitted that the Commissioner of Income-tax(A) has not passed a speaking order. The Commissioner of Income-tax(A) without any discussion and application of mind has accepted the claim of the assessee. According to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the deficiency in the cash flow statement filed by the assessing officer was added as undisclosed income in the hands of the assessee. According to the ld.representative, Smt. Khadeeja is mother of the assessee. The Commissioner of Income-tax(A), however, deleted the addition made by the assessing officer. The ld.DR submitted that the deficiency found in the cash flow statement filed by Smt. P Khadeeja has to be treated as undisclosed income of the assessee. 17. On the contrary, Shri CR Harish, the ld.representative for the assessee submitted that if there is any deficiency in the agricultural income of Smt. P Khadeeja, it has to be treated as her income for the block period or in the regular assessment. It cannot be treated as undisclosed ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
