TMI Blog2019 (7) TMI 1890X X X X Extracts X X X X X X X X Extracts X X X X ..... i Parishad.Therefore, the agricultural income claimed from the sale of accumulated produce of two and a half years in between March 2010 to October 2010 towards cash deposit in the bank account in anticipation to corresponding withdrawals to the agricultural operations to be carried out for earning such volume of agricultural income is rightly disbelieved by the ld. CIT(A),to demonstrate availability of cash for investment in margin money of share trading business. Addition in respect of the accumulated interest on RD A/c - it is noticed that the aforesaid interest amount was found credited in the RD bank amount in the year under consideration by the AO. Since, the assessee failed to demonstrate on the basis of documentary evidence that the said Interest income was related to earlier years either before the authorities below or before us and therefore, we are inclined to appreciate the finding of the CIT(A) on this issue as legal and justified and confirm the addition accordingly. This ground of appeal is also rejected. Assessee appeal dismissed. - I.T.A No.288/Agra/2018 - - - Dated:- 8-7-2019 - SHRI LALIET KUMAR, JUDICIAL MEMBER,AND DR. MITHA LAL MEENA, ACCOUNTANT MEMBER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esides earning commission and interest income; that the AO observed during the scrutiny assessment that the assessee has done share trading during the year under consideration with a margin money of ₹ 23, 40,676/- however, he has not shown the income from such share trading in the return of income; that the assessee failed to explain the source of investment of margin money of Rs.₹ 14,31,582/- out of ₹ 23, 40,676/- with the supporting the documentary evidences; that the assessee even could not produce the bill/vouchers in support of agricultural income and that the statement of copy of joint bank account in the name of assessee and his father submitted for the financial year 2010-11 and 2011-12 (financial year relevant to assessment year underconsideration) showed a deposited of ₹ 2,90,000/- during financial year 2009-10 and nil during financial year 2011-12 whereas ₹ 15,02,220/- during financial year 2010-11 relevant to assessment year under consideration. Considering the ₹ 2,00,000/- as assessee father s agricultural income contribution towards the margin money on the basis of the bank statement for the three finance year as above, and ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at ₹ 2.00 lac during the year.The CIT(A) has erred in law to disbelieve the affidavit filed by Shri Narendra Singh father of the assessee who had testified the availability of money as a result of agriculture produce sold, past savings duly deposited in bank account and that the addition of ₹ 43804/- for the accumulated interest on RD in one assessment year is illegal. 6. Per contra, the ld. DR placed reliance on the impugned order.He submitted that the AO has observed at page 2 of the assessment order that the agricultural land owned by the assessee s father but assessee had declared agricultural income from the sale of accumulated produce of two and a half years in between March 2010 to October 2010 towards cash deposit in the bank account (APB, Pg. 9). However, he has not shown any withdrawals in anticipation to the agricultural operations carried out for earning the agricultural income of ₹ 15,02,220/- so as to demonstrate availability of cash for margin money. He further submitted that the assessee has failed to produce documentary evidence to proof cultivation of agricultural produce by way of KhasraKhatauni, source of irrigation (tube well/canal), eviden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffidavit are verifiable in case of the deceased person. Therefore, the ld. CIT(A) has been justified in holdingthat the assessee has failed to discharge the primary onus to explain the source of investment in the margin money of share trading business owing to unexplained agricultural income of his father andnon-reconciliation of the bank deposit and agricultural income earned thereof. 7.2. From the record, we find that the agricultural land was owned by the assessee s father.However, the assessee has not claimed such an agricultural income from his father either in the earlier assessment years or in the succeeding years. Over and above the assessee s father is neither filing return of incomenor any statement of account including income and expenditure statement of working of his agricultural income has been furnished by the assessee either before Authorities below or before us so as to ascertain the correct amount of agricultural income. It is noticed that the assessee has failed to produce material documentary evidence to proof cultivation of agricultural produce by way of KhasraKhatauni, source of irrigation (tube well/canal), evidence on cold storage etc. to justify the cash ..... X X X X Extracts X X X X X X X X Extracts X X X X
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