Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (8) TMI 280 - PUNJAB & HARYANA HIGH COURT

2015 (8) TMI 280 - PUNJAB & HARYANA HIGH COURT - TMI - Income from undisclosed sources - addition on account of the cash deposits of ₹ 7,23,000/- in the savings account of the assessee - non-confirmation of the sales from the commission agent, the liability was fastened upon the assessee by issuing notice under Section 148 - Held that:- The onus of proof was wrongly put upon the assessee mainly because of cash deposits of ₹ 7,23,000/-, which have been now added to his income as incom .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

assessee and by confirming the additions made against the assessee and accepting the statement of the commission agent as gospel truth. Merely because the appellant was a retired employee and filed his return showing agricultural income admittedly being a owner of agricultural land, the assessing officer was not justified in making the additions on the assumption that the assessee had tried to include his past savings and unaccounted money in the agricultural income. The said finding was totall .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

G S Sandhawalia,JJ. For the Appellant : Mr Avneesh Jhingan, Adv. For the Respondent : Mr Rohit Kaul, Adv. JUDGMENT G. S. Sandhawalia,J. The present appeal is directed against the judgment of the Income Tax Appellate Tribunal, Amritsar whereby, the appeal of the assessee was only partly allowed and the disallowance of ₹ 7,23,000/- was upheld in place of the addition made by the Assessing Officer of ₹ 9,02,215/-. The matter pertains to the assessment year 2004-05. The question of law w .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sequently, on account of the cash deposits of ₹ 7,23,000/- in the savings account of the assessee, the source of the said cash deposit was sought to be explained by the revenue. The explanation of the assessee was that he was owner of 20 acres and 7 kanals of agricultural land in his own name and out of which, there was an orchard of 8 acres, which was being cultivated. The sale proceeds of fruit of ₹ 9,02,215/- had been deposited and one M/s. Gurdaspurian Di Hatti Food, an Commissio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he non-confirmation of the sales from the commission agent, the liability was fastened upon the assessee by issuing notice under Section 148 of the Income Tax Act, 1961 (in short 'the Act') by rejecting the plea of the assessee that the department should have proceeded against the commission agent. The challenge to the reopening of the case and that the fact that even subsequently the assessee was showing agricultural income from the land which he owned was accordingly rejected on accoun .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d that he had not been able to furnish any concrete evidence regarding the transactions noted on the letter pad of the commission agent and whether the same were true and correct since the said firm had denied having purchased any fruit from the appellant. The addition was thus, upheld by holding that the source of cash deposits had not been discharged by producing any positive evidence. In the appeal before the Tribunal, challenge was raised to the notice dated 10.02.2011 under Section 148 of t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nue record did not depict that the assessee was the exclusive owner of the agricultural land and rejected the submission that for subsequent 3 years in the returns filed, agricultural income had been shown and which had been accepted ranging from ₹ 1,00,000/- to ₹ 12,50,000/- by holding that each year is an independent year. The facts have been noticed in detail above. It is a matter of record that initially, the returns were accepted and an inquiry was initiated against the commissi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version