9911796707
TMI Blog2020 (4) TMI 301X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted that only ground no. 3 of the appeal is being pressed. The same 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 Rs. 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 Rs. 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive banks, it transpired that 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 Rs. 10.60 Lacs and detail of sale of Milk amounting to Rs. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Rs. 10,60,352/- Sales of milk Rs. 4,96,582/- Received from Govind Loke Rs. 76,000/- Received from Son-Sagar B Landge Rs. 51,400/- Cash withdrawal re-deposited of Rs. 6,25,000/-* Sales of seasonable crops of Rs. 3,50,000/-** 26,59,334/- B Total Balance of cash outstanding 2,49,334/- B-A=C Other recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k of Earlier time Rs. 2,63,461/- Miscellaneous receipt Rs. 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 aforesaid tabulation, Ld. AR pleaded for exclusion of capital receipts, cash-redeposited in the bank account and exempt income. 5. After careful consideration, the undisputed position that emerges is that certain cash is found to have been deposited in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved 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. Reversals by Bank 2,63,461/- Total 13,07,756/- Further entire credit received through banking channels aggregating to Rs. 15,82,636/- (Rs. 4,35,000/- & Rs. 11,47,636/-) could not be considered as assessee's income since outward payments have also been made from the said bank accounts. It is noted that besides rental income & agricultural income, the only source of income for the assessee was earnings from shop. Considering this fact, we are of the opinion that a reasonable estimation of profit against these receipts would meet the end of justice. We estimate the same @10% which comes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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