TMI Blog2019 (2) TMI 806X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that the assessee must have earned income from that mode. No such things could be brought on record. Generation of agriculture income could only be estimated by considering the land holding. The man has deposed that he was having sufficient resources and paid advances for purchase of a office space. It is difficult to ascertain the exact affairs of what vendee planned for future of his children for acquiring such office space and from where he has arranged the money. But surrounding circumstances is clear that he remained strict to his stand that a sum of ₹ 10.10 lakhs was given to the assessee. In such circumstances, if any unexplained money possessed by him, ought to be considered in his case and not in the hands of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts of the case are that the assessee has filed return of income on 28.6.2010 declaring total income at ₹ 3,20,000/-. The case of the assessee was selected for scrutiny assessment and notice under section 143(2) was issued and served upon the assessee. A perusal of the record revealed to the AO that the assessee has deposited in cash a sum of ₹ 12,02,500/- in the Cooperative Bank of Rajkot Ltd., Jungadh Branch in saving bank account no.04336. She further deposited a sum of ₹ 15,23,000/- with IDBI, Rajkot Branch. Thus total cash of ₹ 27,25,000/- was deposited by the assessee in two bank accounts. The ld. AO sought source of such deposits in the banks. With regard to cash deposited in Cooperative Bank, it was conten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, and one of them is running pan-bidi shop and other one is working in dyeing mill. The AO did not dispute identity of this man, but observed that he has no credit-worthiness to give this much money to the assessee. Hence, he made addition of ₹ 16.00 lakhs and ₹ 10.10 lakhs. Appeal to the ld.CIT(A) did not bring any relief to the assessee. 4. Before us, the ld.counsel for the assessee reiterated his contentions, as were raised before the ld.Revenue authorities. He placed on record copy of Form No.7/12 exhibiting land held by Shri Arvindbhai Manjibhai Gondaliya. He also placed on record copy of the agreement vide office space was sought to be sold in favour of Shri Arvindbhai Gondaliya. Thereafter, he drew our attention towar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee of that previous year. 7. As far as cash alleged to have been received from Vibrant Equities is concerned, it is to be appreciated in the light of particular background of this issue. The AO has not disputed that the assessee has issued cheque in favour of the Vibrant Equities, and money was cleared from SB account to that concern. It is also not in dispute that, that concern was running into trouble and ultimately proprietor died in mysterious circumstances. The question is, if an assessee can make payment as investor to said concern, and allege that under some compelling circumstances or non materialization of the deal, it was received in cash, then that admission of the assessee ought to be looked into looking to the peculiar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndee belongs to a lower strata of the society. One of his sons is running PAN shop and another one is working at dyeing mill. He is an agriculturist. He cannot maintain the accounts and monitor his activities in an organized manner. The ld.Revenue authorities expect that he should submit details of agriculture produce, bank accounts, cost of cultivation, proof of sales. These are highly alien to agriculture activities in India, what to talk of marginal farmers. Even big farmers having big chunk of lands are not maintaining these kinds of details. Generation of agriculture income could only be estimated by considering the land holding. The man has deposed that he was having sufficient resources and paid advances for purchase of a office spac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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