TMI Blog2015 (4) TMI 1127X X X X Extracts X X X X X X X X Extracts X X X X ..... ti Sengupta) This appeal is preferred against the judgment and order of the learned Tribunal, dt.22.10.2010, in relation to assessment year 2004-2005, and sought to be admitted on the following suggested questions of law. 1. Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal is right in disbelieving the version of the assessee 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 ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken agricultural land from anyone. In revenue s record, the yearly entries are to be made by the revenue officials with regard to the ownership of the agricultural holdings and also the person who cultivate the agricultural land. In the absence of any documentary evidence or otherwise, we are unable to accept the contention of the assessees that they have ever cultivated the agricultural 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal that these advances were claimed to have been given towards the purchase of agricultural land but none of the purchases have been materialized and it was contended by the assesses that the advances were finally returned back subsequently. It was further recorded by the learned Tribunal as follows: During the course of assessment proceedings or before the CIT(A), the assessee could not substantiate 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 ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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