TMI Blog2022 (6) TMI 241X X X X Extracts X X X X X X X X Extracts X X X X ..... lturists would be deposited in the bank account of the assessee The sale proceeds of the family members of the assessee is also unlikely to be deposited in the bank account of the assessee. Thus the assessee s own sale proceeds of Tomato and Onion as well as the withdrawal of cash which can be utilized for the subsequent deposits in the bank account, the interest on the saving bank account and LIC receipts as claimed by the assessee cannot be treated as part of the turnover of the assessee. The assessee though produce land holding record as well as the affidavit in support of the claim however, neither the Assessing Officer nor the CIT(A) has taken any step to verify these facts or to determine the quantity of the Tomato and Onion produc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unds in these appeals except the quantum of addition. The grounds raised for A.Y. 2015-16 reads as under:- 1. The Ld. CIT(Appeals) erred on facts and in the law in not adjudicating the transaction relating to personal agricultural proceeds of Tomato and Onion not concerned to trading transactions. The dismissal of appeal is restive and impugned order dated 4.3.2020 is unreasonable and bereft of the facts and evidences filed on the record. The confirmation of trading transactions on Rs. 1,19,16,791/- instead of declared trading receipt Rs. 32,45,900/- is entirely against the materials on the records. a. The The Ld. CIT(Appeals) erred in not adjudicating the agricultural proceeds of the family members of the appellant assessee produ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oted that a total of Rs. 1,19,16,791/- was deposited in the three saving bank accounts of the assessee with Allahabad Bank, Punjab National Bank and State Bank of India whereas the assessee has declared the income under section 44AD on the total turnover of Rs. 32,45,900/-. The assessee explained the reasons for the turnover declared by the assessee as the other amount is the sale proceeds of his own agriculture produce i.e. Tomato Onion as well as his family members produce. The Assessing Officer did not accept this contention and made the addition by taking the total deposits in the bank account as turnover of the assessee and computed the income by applying a net profit rate as declared by the assessee. Thus an addition of Rs. 7,16,778 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eir agriculture produce through the assessee. The learned AR has further contended that the Assessing Officer has also not considered the transactions relating to the cash repetition, interest on saving account and LIC receipts which comes to Rs. 12,66,291/-. Thus he has contended that the Assessing Officer was not justified in taking the entire deposits in the bank accounts as turnover of the assessee by ignoring the other facts to show the source of the deposits, therefore, the assessee has rightly declared the income under presumptive provision of section 44AD of the Income Tax Act. The Assessing Officer has not disturbed the net profit rate declared by the assessee hence, the addition made by the Assessing Officer is liable to be delete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 61,35,000/- 3. State Bank of India Rs. 23,28,791/- Total Rs. 1,19,16,791/- 8. The only dispute in these appeals is computation of the turnover by the Assessing Officer as the total deposits in the bank accounts as against the turnover declared by the assessee at Rs. 32,45,900/-. Since the Assessing Officer took the deposits in the bank account as the turnover of the assessee from wholesale trading in the agriculture produce. The assessee himself has declared the business income as he is having the license for wholesale trading in the agriculture produce. The assessee explained that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... probability that the sale proceeds of the agriculturists would be deposited in the bank account of the assessee. Similarly, the sale proceeds of the family members of the assessee is also unlikely to be deposited in the bank account of the assessee. Thus the assessee s own sale proceeds of Tomato and Onion as well as the withdrawal of cash which can be utilized for the subsequent deposits in the bank account, the interest on the saving bank account and LIC receipts as claimed by the assessee cannot be treated as part of the turnover of the assessee. The assessee though produce land holding record as well as the affidavit in support of the claim however, neither the Assessing Officer nor the CIT(A) has taken any step to verify these facts or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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