9911796707
TMI Blog2018 (10) TMI 1034X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A) has erred in upholding the income of Rs. 5,20,830/- on account of alleged income from money lending. 2. It was proved before the Ld. Authorities that the assessee had provided the financial assistance for very short period to the small agriculturalist for regularizing the KCC accounts and no interest was earned by the assessee. All the agriculturalist have confirmed the same by the affidavit and the statements given before the Ld.A.O. 3. The addition made by the Ld.A.O may please be deleted. 4. The assessee prays to alter, amend, add or delete ant of the grounds of appeal" 3. Brief facts of the case as culled out from the records are that assessee is an individual having only source of income from agriculture. The income tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O was confirmed by the Ld.CIT(A). 4. Aggrieved assessee now is in appeal before the Tribunal. 5. At the outset Ld. Counsel for the assessee reiterated the submissions made before the lower authorities and submitted that there was sufficient source of cash deposited on various dates at bank account and no addition was called for unaccounted investment and he also submitted that no interest income was earned. 6. Per contra Ld. Departmental Representative vehemently argued and supported the orders of lower authorities and also pointed out the details filed by the assessee at Page 1(e) to 1(i) of the paper book providing complete person wise details of amounts given and received back during the year. 7. We have heard rival contentions and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted on various dates and also to explain the source of alleged unaccounted investment of Rs. 4,65,024/- and in our view the same needs to be deleted. As regards the interest income addition is concerned, we do not find any reason to interfere in the findings of the lower authorities as no plausible reasons have been given by the Ld. Counsel for the assessee for giving such short term advances which are ranging from 1 month to 6 month without changing any interest and therefore the addition for alleged interest income of Rs. 55,083/- needs to be confirmed. 10. In the result Ground No. 1 & 2 of the appeal of the assesssee is partly allowed and Ground No.3 & 4 are general in nature which needs no adjudication. 11. In the result appeal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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