TMI Blog2021 (9) TMI 990X X X X Extracts X X X X X X X X Extracts X X X X ..... xpenses there would still remain a saving of ₹ 17,25,000/-. Even this figure of ₹ 17,25,000/- could be sufficient to explain the source of alleged addition of ₹ 12,50,484/-. Under the given facts and circumstances of the case and the assessee being an owner of 23 Acres of agricultural land being consistently used for agricultural operations, are of the considered view that the accumulated income of past years as discussed above would be sufficient to explain the source of DD purchased in law of ₹ 2,25,000/- and also sufficient to explain the source of alleged cash deposit of ₹ 10,50,484/-. We accordingly set aside the finding of Ld. CIT(A), and delete the impugned addition - Ground no.2 3 of the assessee a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s an individual and working as a RTO agent. Income of ₹ 1,59,410/- was declared in the return filed on 31.07.2011 for A.Y. 2011-12. Case selected for scrutiny through CASS followed by serving of notices u/s 143(2) 142(1) of the Act. Ld. AO called for various information including the details for the source of cash deposited in the bank account. Though the assessee filed necessary submissions along with evidence that he holds 23 acres of agricultural land and had accumulated cash income from agricultural operation which was utilized to deposit cash in his bank account. Ld. AO however, was not satisfied and made the additions of ₹ 2,25,000/- u/s 69 for the unexplained money invested to purchase demand draft, in cash addition for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... family members if holding 23 acres agricultural land and earning income for sale of crops 2. The Ld. AO himself estimated agricultural income of ₹ 10,000/- per acre. Thus, he has estimated agricultural income of ₹ 2,30,000/- during the year under consideration. 3. The assessee has informed that he is holding agricultural income since last 10 years and is earning majorly from the sale of agricultural produced 4. Reliance on the judgment in the case of Smita Binod (2017) 23 ITJ 596 (Trib. Indore) 9. Ld. counsel for the assessee also submitted that if the income from agricultural operation is estimated at ₹ 22,000/- per acre on the total land holding of the assessee measuring 23 acres and 50% of such ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e grounds in the instant appeal are ground no.2 3 pertaining to addition for unexplained money/cash deposit at ₹ 2,25,000/- and ₹ 10,25,484/-. Both the lower authorities were not satisfied with the explanation made by the assessee. We find that the alleged additions are comprising of two parts, firstly addition for purchase of DD in cash of ₹ 2,25,000/- and second is cash deposit of ₹ 13,00,360/- in the bank account of PNB. 12. It is not in dispute that the assessee holds agricultural land measuring 23 acres and the same being used for agricultural operation has not been disputed by the revenue authorities.Ld. Assessing Officer has himself calculated income of ₹ 10,000/- per acre in the year and given dedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duction and also date of sale, rate at which the produced was sold. The assessee had also given detailed breakup of the various expenditure incurred for producing these crops which in total amounted to ₹ 1,99,500/-. Thus, the total net income of ₹ 6,21,270/- was shown in respect of land of 18.86 acres in Ratanpur area, Bhopal, yielding average rate of ₹ 33,000/- per acre. The Ld. Commissioner of Income Tax (Appeals) estimated ₹ 15,000/- per acre. Keeping in view the details furnished by the assessee as narrated by the ld. Commissioner of Income (Appeals) in his order which has not been controverted, it would be most reasonable to estimate the income at ₹ 22,000/- per acre of land for computing the agricul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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