TMI Blog2019 (2) TMI 1432X X X X Extracts X X X X X X X X Extracts X X X X ..... ltural income in the earlier years as stated by her and savings from such an income can be held to explain the investment made in stamp duty in this year. Thus, when amount of ₹ 10 lacs paid for purchase of agricultural land from her father was made in the earlier years then same cannot be added in this year and stamp duty payment as held above stands explained, then addition on account of unexplained investment u/s 69 can be made. Accordingly, addition of ₹ 8,00,880/- as sustained by CIT(A) stands deleted. In so far as levy of penalty u/s 271(1)(C) is concerned, since as already deleted the addition, therefore, the penalty levied on the same amount has no legs to stand. - Decided in favour of assessee. - ITA.Nos.405, 40 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the period of five years to her father out of her savings, gifts from relatives and agricultural income. This fact was also duly confirmed by her father through his affidavit and also by the assessee in her affidavit. It was submitted that the copy of the affidavit was also filed before the AO alongwith letter dated 18.3.2015. It was further submitted that payment of purchase consideration was made in earlier years which is evident from the sale deed itself, which mentions that payment has been agreed to be made in five years. Further, it was submitted that source of such purchase was mostly out of agricultural income as she was having 34 bighas of land, which yielded savings of ₹ 2,00,000/- to ₹ 2,50,000/- per annum and the on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nting to ₹ 3,00,880/-. It is also undisputed fact that assessee does not have any source of income other than agricultural income and department itself has accepted that in the return of income assessee has shown agriculture income of ₹ 2,50,000/-. Once assessee has no source of income other than agricultural income then to hold that she must have made investment out of her unexplained sources would be very difficult to believe. Further, when factum of agricultural income has been accepted in this year, then assessee must have earned similar agricultural income in the earlier years as stated by her and savings from such an income can be held to explain the investment made in stamp duty in this year. Thus, when amount of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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