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TMI Blog2019 (2) TMI 1512X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case are that the Assessing Officer called for information u/s. 133(6) from Catholic Syrian Bank and State Bank of India wherein the assessee was maintaining banks accounts. The banks supplied the statements and the Assessing Officer found that the assessee had deposited Rs. 49,22,000/- on 06/03/2014 and 07/03/2014 as under: Sl. No. Date Amount Name of Bank Nature of deposit 1 06.03.2014 20,00,000/- CSB 2 06.03.2014 5,00,000/- CSB FD 3 06.03.2014 5,00,000/- CSB FD 4 06.03.2014 4,72,000/ - SBI FD 5 07.03.2014 14,50,000/- SBI Total 49,22,000/- 3.1 The Assessing Officer called for explanation for the source of the above cash deposits. On 09.12.2016, the assessee subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FTPV5949R/16-17 I had withdrawn the following amount from the Banks : 25.11.13 30,000 IDBI 30.11.13 50,000 IDBI 16.12.13 1,00,000 Federal Bank 23.12.13 1,00,000 IDBI 30.12.14 60,000 IDBI 7.1.14 50,000 IDBI 7.1.14 7,00,000 IDBI 10.1.14 50,000 IDBI 16.1.14 5,000 IDBI 17.1.14 78,00,000 IDBI 30.1.14 90,000 IDBI 5.2.14 50,000 SIB 17.2.14 50,000 SIB 18.2.14 68,000 SIB 25.2.14 30,000 SIB 7.3.14 5 Lakhs SIB 7.3.14 5 Lakhs SIB 11.3.14 5 Lakhs SIB 7.3.14 30,22,000 (Check given to me by Cyril Varkey selling the property 11.3.14 4,72,000 Indian Bank From the above proof it is proved the source". 4.1 The CIT(A) observed that apart from farming, the assessee also carries 0n the profession of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g to Rs. 1.25 crores from Arakkunnam Branch of District Co-operative Bank Ltd. vi) He had taken personal loans of Rs. 1 lakh each from 3 people. (v) The assessee had substantial cash withdrawals from his bank accounts, which were re-deposited . 4.2 Before the CIT(A) , the assessee also contended that, his old father and mother were not keeping well and therefore he had to maintain substantial cash balance at home in case of any emergency arose. The assessee also explained that he sold his property in Mararikulam North Panchayat, Alappuzha to Mrs. Suvarna and Mr.Gopalakrishnan and received a cheque which was dishonoured on presenting to the Bank for clearance and his legal notices were also not replied. It was submitted that with the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.3 After considering the contentions of both, the Assessing Officer and the assessee, the CIT(A) found that the explanation had not been furnished properly. On the other hand, the CIT(A) observed that the Assessing Officer had concentrated on deposits made only on 06.3.2014 and 07.3.2014 and he had chosen to ignore deposits and withdrawals made during rest of the financial year 2013-14. The Assessing Officer had not disputed the fact that the assessee is basically an agriculturist, having substantial holding of land, and even though he had not declared any agricultural income in his Return of Income filed, he may be earning agricultural income. According to the CIT(A), under the existing provisions of Income Tax Act, agricultural income be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as unexplained cashcredits and confirmed the addition of Rs. 3 lakhs. 5. Against this, the assessee is in appeal before us. 6. After hearing both the parties, we are of the view that the assessee had not been able to explain the sources for Rs. 3 lakhs out of Rs. 49,22,000/- deposited in various Bank accounts. In view of the unsatisfactory explanation offered by the assessee, we do not find any infirmity in the order of the CIT(A) and confirm the addition made by the Assessing Officer. 7. The next issue is with regard to disallowance of Rs. 1,10,000/- u/s. 80C. 8. We have heard the rival submissions and perused the record. We find that neither before the lower authorities nor before us, the assessee has not furnished any details to clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer and thereupon decide the same. 8.1 With regard to deduction u/s. 80TTA, the assessee has also not furnished the details of interest income earned on saving Bank account. As such, we remit this issue to the file of the Assessing Officer with a direction to the assessee to provide necessary details. These grounds of appeal of the assessee are partly allowed for statistical purposes. 9. Since we have decided the assessee's appeal, the Stay Petition filed by the assessee in SP No.33/Coch/2018 has become infructuous and the same is dismissed as infructuous. 10. In the result, the appeal of the assessee is partly allowed for statistical purposes and the Stay Petition filed by the assessee is dismissed . Order pronounced i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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