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TMI Blog2015 (4) TMI 1127X X X X Extracts X X X X X X X X Extracts X X X X ..... regarding the advances paid for the purchase of agricultural lands during the relevant years? 2. Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal is justified in treating the advances given by the assessee as cash on hand and treating the same as addressable under the Wealth Tax Act? 3. Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal is justified in disbelieving the proof produced by the assessee to substantiate the advances paid for purchase of agricultural land without there being any valid reasons being attributed by the department to the contra? 4. Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal is justified in coming to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icultural land in any of the years. Since the opening cash balance as on 31.3.2001 was shown by the assessees in their cash flow statement filed before the CIT(A), the onus is upon them to prove the accumulation of the opening balance as on 31.3.2001. Neither before the lower authorities, nor before us the assessees could place a satisfactory explanation about the accumulation of the opening balance." On the issue with regard to brokerage income of HUF, the learned Tribunal has found as follows: "We find that in this regard also nothing has been placed before us to prove that the HUF was engaged in the business of brokerage. Therefore, whatever income from brokerage was declared in the name of the HUF, it was rightly treated to be an inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... these facts either by producing the proposed transferor/debtor or by producing any sale agreement. In the absence of relevant evidence, the entire amount was treated to be the cash available with the assessees and the A.O. has assessed the wealth tax in the hands of respective assessees after allowing a benefit of exemption of Rs. 50,000/- as per provisions of Section 2(ea)(vi) of the Wealth Tax Act." Thereafter, it was recorded by the Tribunal as follows: "In the absence of material evidence, the revenue has treated these advances as a cash available in the hands of the assessees. Similar is the position before us as nothing is placed to prove these facts." In view of the aforesaid fact finding, we do not find any illegality or infirmit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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