TMI Blog2018 (5) TMI 1251X X X X Extracts X X X X X X X X Extracts X X X X ..... e of deposits. The authorities below, in our considered opinion, have erred in party accepting the submissions of the assessee and partly rejecting the same - Decided in favour of assessee. - ITA No. 374/Nag./2017 - - - Dated:- 10-5-2018 - Shri Shamim Yahya, Accountant Member And Shri Ram Lal Negi, Judicial Member Assessee by : Shri K.P. Dewani Revenue by : Shri R.K. Baral ORDER Per Shamim Yahya, A. M. The present appeal preferred by the assessee is against the impugned order dated 3rd July 2017, passed by the learned Commissioner (Appeals) 1, Nagpur, relevant to the assessment year 2007 08. 2. The grounds raised by the assessee are reproduced below: 1. The notice issued u/s 148 of IT. Act 1961 is illegal, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , agricultural income, agricultural / poultry income of his wife and father. The Assessing Officer has treated amount of Rs. 3,62,000 as unexplained out of the above and has added to assessee s income. The assessee being aggrieved by this order of the Assessing Officer, filed appeal before the first appellate authority. 3. The learned CIT(A) confirmed the addition made by the Assessing Officer. The assessee being aggrieved is in further appeal before the Tribunal. 4. Before us, the learned Counsel for assessee summarized his submissions as under: A) The assessee is from agriculturist family comprising of self, wife, mother and father. All the family members are engaged in activity of agriculture. All the family members are oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of explanation alongwith corroborative evidence submitted in the assessment proceedings. D) A.O. has accepted the gross receipt from tours and travels business to the tune of ₹ 3,10,0007-. The agricultural receipt of the assessee at ₹ 2,47,9457-cannot be disputed considering the agricultural holding of the assessee and evidence of gross receipt submitted by assessee. A.O. has not considered credit for the opening cash available with the various family members to explain the deposit in bank account. The reasonable opening balance if considered entire deposit in bank account stands explained and no addition is sustainable. E) Assessee derives income from agriculture and tours and travels. A.O. has not disputed the inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submissions and on a perusal of the material available on record, we find that in this case the assessee has given detail basis of deposit of Rs. 10,45,500 in the bank account. The detailed source has been claimed to be out of the business income as well as agricultural income of the assessee and his family members. Deposit to the extent of Rs. 3,62,000 has been accepted by the Assessing Officer. In this regard, the learned Counsel for assessee has given detailed submissions as above. Furthermore, we note that the detailed source of the cash deposit transaction wise was also submitted which are placed at Page 4 of the paper book. We further find that the above explanation cogently proves the entire source of deposits. The authorities bel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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