TMI Blog2015 (10) TMI 1895X X X X Extracts X X X X X X X X Extracts X X X X ..... o accepted by ld. CIT(A) in view of the fact that Assessee had declared agricultural income of ₹ 2,48,000/- in the return of income and the same was also accepted by the A.O. The explanation of the balance portion of cash deposits of ₹ 1,03,365/- to be out of accumulated savings was also accepted by ld. CIT(A) in view of the fact that Assessee was regularly assessed to tax. Considering the totality of the facts and in view of any contrary material placed on record by Revenue and further as to how the decision relied upon by ld. CIT(A) would not be applicable to the present case, we find no reason to interfere with the order of ld. CIT(A) and thus the ground of Revenue is dismissed. - Decided in favour of assessee. - I.T.A. No.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d made cash deposits aggregating to ₹ 36,60,000/- The Assessee was asked to furnish the details and explain the transactions. A.O noted that Assessee failed to furnish the details and in the absence of satisfactory explanation, A.O considered the total deposits of ₹ 36,60,000/- as undisclosed income of the Assessee. Aggrieved by the order of A.O., Assessee carried the matter before ld. CIT(A) who decided the appeal by holding as under:- 4.2 I have carefully considered rival submissions. I have also perused various case laws relied upon by the appellant. 'It is seen that appellant is engaged in the retail business of garments. This fact is borne out from the return filed by the appellant for A.Y. 2009-10. In the return of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of ₹ 33,08,500/-. Accordingly, I am inclined to agree with the contentions of the appellant. In this regard, the appellant has rightly placed reliance on the case of Shri Narendrasingh Lakhubhai Rana, ITA No.2768/Ahd/2010 dtd.25-2-2011. In this case., Hon'ble ITAT observed as under. 4. After hearing the submissions of the both the sides, we are of the view that in the light of the provisions of Section 44AE i.e. special provision for computing profits and gains of business of plying the goods carriages, the assessee was not expected to maintain regular books of accounts. However, he is expected to declare the income per month in respect of the vehicles owned by him. In the present appeal that income of the assessee was n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 3,51,500/- (36,60,000 -33,08,500). The appellant has contended that agriculture income to the extent of ₹ 2,48,000/- has been declared by it in its return of income. The agriculture income is also received in cash. Perusal of the statement of income filed along with Income-tax return reveals that appellant has declared agriculture income of Rs,2,48,135/-. The agriculture income has been declared in the form of income from sale of crop of ₹ 1,65,685/- and income from sale of milk ₹ 82,450/-. Since, agriculture income has been duly declared by the appellant in the return of income, which is accepted by the A.O. accordingly, I do not have any hesitation in accepting the source of cash deposit to the extent of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rce of deposits of ₹ 2,48,135/- being from agricultural income was also accepted by ld. CIT(A) in view of the fact that Assessee had declared agricultural income of ₹ 2,48,000/- in the return of income and the same was also accepted by the A.O. The explanation of the balance portion of cash deposits of ₹ 1,03,365/- to be out of accumulated savings was also accepted by ld. CIT(A) in view of the fact that Assessee was regularly assessed to tax. Considering the totality of the facts and in view of any contrary material placed on record by Revenue and further as to how the decision relied upon by ld. CIT(A) would not be applicable to the present case, we find no reason to interfere with the order of ld. CIT(A) and thus the gro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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