TMI Blog2020 (4) TMI 301X X X X Extracts X X X X X X X X Extracts X X X X ..... evidence to support the said fact. The perusal of computation of income would show that the assessee has already reflected agricultural income of ₹ 0.73 Lacs in the return of income. Therefore, the plea the cash deposits were sourced out of agricultural income could not be accepted. Having said so, equity would demand that items which are capital in nature or the transactions which do not give rise to any taxable income should not be considered as assessee s income since only true income was to be brought to tax. Further, the benefit of cash withdrawals from the said bank accounts should be granted to the assessee. Entire credit received through banking channels aggregating to ₹ 15,82,636/- (₹ 4,35,000/- ₹ 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... read as under: - On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the addition of ₹ 47,95,403/- made by the Ld. AO. 1.3 At the same time, Ld. AR pressed for additional ground of appeal filed on 03/12/2019, which read as under: - On the facts and circumstances in the case in law, Ld. AO erred in not providing credit of TCS of ₹ 2,71,726/- which is appearing in 26AS. Since the assessee seek only a direction in the matter, the additional ground was admitted. 1.4 We have carefully heard the rival submissions and perused relevant material on record including documents placed in the paperbook. Our adjudication to the subject matter of present appeal would be as given i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessee was having savings account with Chembur branch of Saraswat Bank and another account with Ghatkopar Branch of Allahabad Bank. The copies of statements were forwarded to assessee for explanation. 2.4 In response, the assessee vide reply dated 07/12/2007 filed documents towards supply of sugarcane to sugar factory (Vighanahar Sugar Factory) for ₹ 10.60 Lacs and detail of sale of Milk amounting to ₹ 4.96 Lacs to Biroba Maharaja Milk Production Sanstha Ltd. Vide other submissions dated 20/12/2017, the assessee submitted that the assessee s father had agricultural land and derived agricultural income by selling sugarcane, milk and other seasonal vegetables which was sold on cash basis and cash was deposited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver disclosed and the credit earned by the assessee in those accounts was rightly brought to tax. During the course of hearing, Ld. AR filed summary in respect of bank deposits as under: - Cash Deposited in both bank statements 24,10,000/- A Details cash receipt during the period as under: Sales of sugar can of ₹ 10,60,352/- Sales of milk ₹ 4,96,582/- Received from Govind Loke ₹ 76,000/- Received from Son-Sagar B Lan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pay order reversal of ₹ 1,895/- Sagar B Landge (Son) of ₹ 2,90,000/- Reversal by Bank of Earlier time ₹ 2,63,461/- Miscellaneous receipt ₹ 11,47,636/- Total other receipt in Saraswat Bank 18,23,187/- F Total addition confirmed by CIT(A) 47,89,187/- G=A+D On the basis of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the summary of bank accounts as produced before us, we direct for exclusion of following credit entries from addition of ₹ 47.89 Lacs as estimated by Ld. CIT(A): - No. Particulars Amount (Rs.) 1. Received from Govind Loke 76,000/- 2. Amount Cash received from Son 51,400/- 3. Cash withdrawals re-deposited 6,25,000/- 4. Pay order reversals 1,895/- 5. Sagar B.Landge (son) 2,90,000/- 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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