TMI Blog2019 (2) TMI 349X X X X Extracts X X X X X X X X Extracts X X X X ..... interfere with the orders of the authorities below and accordingly dismiss the ground raised by the assessee. Agreement entered for purchase of property - advances receipt - Held that:- During the course of recording statement from the assessee at Chennai, a fax copy of the document was obtained. The document sowed that the agreement was signed by both Shri Maya Venkatesan (assessee) and his brother Shri M. Kannan. When the document was shown to the assessee, again he reiterated that he did not enter into such an agreement along with his brother. An advance of ₹.40 lakhs had been paid by both and the payment stood unexplained, the assessee’s share of half of the advance payment of ₹.20 lakhs was treated as unaccounted incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice under section 153A of the Act. In these returns also the assessee had disclosed agricultural income as major source of income. During the course of hearing, the assessee filed a cash-flow statement covering the period from 01.04.2001 to 31.03.2007 explaining the source and application of funds. Following are the agricultural income returned in the returns prior to the search and after the search: Asst. Year Agricultural income returned prior to search Agricultural income returned after search 2001-02 NIL 2,50,000/- 2002-03 30,47,110/- 30,47,110/- 2003-04 32,75,000/- 32,25,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecord, the ld. CIT(A) allowed 50% of the disallowance made by the Assessing Officer and the balance was confirmed for the assessment years 2002-03 and 2003-04. For the assessment year 2005- 06, the ld. CIT(A) confirmed the disallowance made by the Assessing Officer. 4. On being aggrieved, the assessee is in appeal before the Tribunal for all the assessment years. All the appeals filed by the assessee in the year 2014 were taken up for hearing in 2014/15 and at the request of the ld. Counsel, the hearing was adjourned on many occasion. When the appeal was posted for hearing on 28.01.2019, none appeared on behalf of the assessee or filed any adjournment petition. Hence we proceed to decide the appeals on merits after hearing the ld. DR. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the rainfall was not correct and as everybody is aware that the price of agricultural goods is not just based on yield alone and further the cultivation activity is carried out through wells/bore-wells. Therefore, considering the size of the land holdings taken on lease, and the nature of the crops grown, the ld. CIT(A) held that the assessee has earned to the extent of 50% of the agricultural income returned. Thus, the ld. CIT(A) directed the Assessing Officer to allow 50% of the agricultural income returned by the assessee and the balance disallowance was confirmed for both the assessment years. We find no infirmity in the order passed by the ld. CIT(A) for the assessment years 2002-03 and 2003-04. Accordingly, the ground raised by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... long with Empire Consultants Pvt. Ltd. for purchase of property at Khaleel Centre, No. 4, Montieth Road, Egmore for a consideration of ₹.2.2 crores. The advance paid was ₹.40 lakhs. When the assessee was required to explain the details of the transaction and the sources for the payment, he explained that the assessee had neither entered into any transaction/agreement with Empire Consultancy Pvt. Ltd. for the purchase of property nor paid any advances towards any kind of property at Egmore. The seized material was in the custody of the DCIT, Central Circle, Coimbatore. During the course of recording statement from the assessee at Chennai, a fax copy of the document was obtained. The document sowed that the agreement was signed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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