9911796707
TMI Blog2023 (6) TMI 1129X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeals) [hereinafter referred to as 'CIT(A)'] was justified in partially confirming the addition made on account of cash deposits during the demonetization period. 3. We have heard the rival submissions and perused the materials available on record. The assessee is an agriculturist and had filed his return of income on 06.11.2017, declaring income of Rs. 3,16,230/- and agricultural income of Rs. 9,50,000/- for the assessment year 2017-18. A sum of Rs. 13,17,500/- was deposited in cash on 12.11.2016 by the assessee with State Bank of India, Gudgajpur Branch in Kisan Credit Card (KCC)account of the assessee in old demonetized currency. The explanation given by the assessee for the said source was not accepted by learned Assessing Officer and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... complied with by the assessee. The assessee also furnished copy of Lekhpal Report before learned Assessing Officer to substantiate the sale of Poplar trees. Since, the assessee could not substantiate the receipt in cash of Rs. 6 lakhs from Sh. Prakash out of the sale of Poplar trees, the lower authorities had disbelieved the said cash source available with the Assessing Officer. In this regard, we hold that that there is no dispute with regard to the fact that assessee owns 106 bighas of agricultural land cultivating sugar, wheat and other agricultural products. It is not in dispute that the assessee has furnished the Lekhpal report. The contention of the assessee is that he has received a sum of Rs. 6 lakhs on 20.10.2016 in cash from Sh. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ricultural income in the return of income and these are also reflected in the affidavit furnished by him before the learned CIT(A). Hence, the cash source disclosed by the assessee for the sum of Rs. 6 lakhs towards sale of poplar trees is to be accepted as the source available for explaining the cash deposit. Sale proceeds of Crop sold in October 2016 7. The assessee explained that he had received sale proceeds of Rs. 3.5 lakhs on sale of agricultural crops in October 2016. As stated earlier, it is not in dispute that the assessee is owning 106 bighas of agricultural land and cultivating sugar cane, wheat and other agricultural produces. It is also not in dispute that the assessee owns tractor and other agricultural implements for usage ..... X X X X Extracts X X X X X X X X Extracts X X X X
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