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TMI Blog2017 (3) TMI 1698X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. 3. First, we take up the appeal in ITA No.364/CTK/2015. 4. The grievance of the assessee is that the CIT(A) erred in confirming the action of the Assessing Officer in sustaining the addition of Rs. 6,91,203/- as speculation income, Rs. 1,34,733/- as income from mutual fund and Rs. 10,62,223/- as agricultural income made by the Assessing Officer. 5. I have heard the rival submissions and perused the orders of lower authorities and materials available on record. 6. The brief facts of the case are that the assessee claimed to have earned short term capital gain from sale of shares of Rs. 8,59,461/-. On verification, the Assessing Officer found that the shares were purchased and sold by the assessee on the same date. He noted from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his finding of the Assessing Officer has not been controverted by the ld Authorised Representative of the assessee by bringing any positive material on record. If the argument of the A.R. of the assessee is to be accepted that the assessee was an investor and not a trader, then no investor would sale the shares on the very same date of the purchase or within 2 to 3 days of the purchase. Therefore, I do not find any good and justifiable reason to interfere with the order of the CIT(A), which is hereby confirmed and the ground of appeal of the assessee is dismissed. 11. The only other remaining ground of the assessee is that the CIT (A) was not justified in confirming the addition of Rs. 10,62,223/- as agricultural income. 12. The Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med the action of the Assessing Officer observing that the credit introduced in the name and guise of agricultural income was income from unexplained sources of the assessee. 14. Ld Authorised Representative of the assessee reiterated the submissions before the lower authorities. 15. Ld Departmental Representative supported the orders of lower authorities. 16. I find that the assessee has brought no positive material on record to controvert the findings of the Assessing Officer as well as the CIT(A). Hence, I find no reason to interfere in the order of the CIT(A), which is hereby confirmed and ground of appeal of the assessee is dismissed. 17. In the result, the appeal filed by the assessee is dismissed. 18. In ITA No.363/CTK/2015, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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