9911796707
TMI Blog2023 (2) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. Income Tax Officer 21(2)(5), Mumbai (hereinafter referred to as ld. AO). 2. The ground No.1 raised by the assessee is challenging the addition of Rs.25,00,000/- of agricultural income as unexplained cash credit. 3. We have heard rival submissions and perused the materials available on record. During the year, the assessee has shown receipt of agricultural income, income from business, income from house property and income from other sources. The return of income for the A.Y.2012-13 was filed by the assessee on 13/06/2013 declaring total income of Rs.3,50,120/-. The said return was selected for scrutiny and during the course of scrutiny assessment proceedings, the ld. AO found that assessee had deposited cash of Rs. 25,00,000/- in SB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 36,17,931 Total Rs. 36,47,931 3.2. The assessee submitted that she owned agricultural land admeasuring 7 Hectares and 10 Ares i.e. around 19 Acres of agricultural land which was under cultivation in this year. The assessee submitted the copy of 7/12 extract in this regard which is enclosed in page 4 of the paper book. The assessee also furnished confirmations / bills in respect of agricultural produce sold by her to various parties during this year. These documents are enclosed in pages 5-11 of the paper book filed before us. Further, the assessee also produced the vouchers for labour expenses incurred for conducting agricultural operations which are enclosed in pages 12-18 of the paper book. The ld. AO on going through the aforesaid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A) in para 14.3 of his order categorically says that genuineness of agriculture income earned by the assessee is not in dispute before us. It is not in dispute that agricultural income of Rs.30,20,220/- is indeed earned by the assessee in cash. The assessee had furnished the cash account before the lower authorities. The assessee was also asked to submit the reconciliation of agricultural receipts with the cash deposits made in the bank. This is tabulated in page 6 of the order of the ld. CIT(A). On perusal of para 14.2 of the order of the ld. CIT(A), the ld. CIT(A) had considered the cash deposits made in the total sum of Rs.25 lakhs as cash withdrawals made by the assessee and based on this incorrect fact had drawn his entire conclusion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, the ground No.1 raised by the assessee is allowed. 4. The ground No.2 raised by the assessee is challenging the confirmation of addition of Rs.6,00,000/- made on account of gift received by the assessee from Gopinath Munde HUF by treating the same as undisclosed income. 4.1. We have heard rival submissions and perused the materials available on record. The assessee is a member of Gopinath Munde HUF. During the year under consideration, she received cash gift of Rs.6,00,000/- from the said HUF. During the course of assessment proceedings, the assessee furnished confirmation of members of HUF, income tax return and balance sheet of Gopinath Munde HUF duly reflecting gift given to the assessee out of current year's income of HUF. These do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee herein, the same would become taxable in view of the provisions of Section 56(2)(vii) of the Act. With this observation, the ld. CIT(A) upheld the addition made by the ld. AO. 4.3. The fact of assessee furnishing the aforesaid documentary evidences before the lower authorities are not in dispute before us. The capacity of Gopinath Munde HUF to advance cash gift of Rs.6,00,000/- to the assessee herein is also proved beyond doubt from the financial statements of HUF (where this gift is reflected) and also the scrutiny assessment order framed for A.Y.2012-13 in the hands of the said HUF. Whether gift received from HUF by an individual would fall outside the ambit of definition of "relative" as defined u/s.56(2)(vii) of the Act was subje ..... X X X X Extracts X X X X X X X X Extracts X X X X
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