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TMI Blog2023 (6) TMI 1411X X X X Extracts X X X X X X X X Extracts X X X X ..... ustice. 2. The Learned AO erred in bringing amount of Rs. 18.44 lakhs to tax without appreciating the fact that, Appellant is an agriculturist and has given all particulars which were sought by the learned AO. 3. The learned AO ought to have considered the income of HUF also while concluding the Assessment. 4. The learned AO erred in computing unexplained investment to total amount of Rs. 18.44 lakhs and not deducting the gross agricultural income of Rs. 1 1,50 lakhs which he has admitted and aggregated in computing the tax. 5. The learned AO erred in making addition of Rs. 18.44 lakhs as unexplained investment U/s. 69 and levying tax U/s. 115BBE of the Act. 6. The Learned CIT (A) ought not to have upheld the addition of Rs. 18,44 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... U/s. 250 of the Act, for further enquiry before disposing the appeal against the appellant. 11. Entire order bad in law and against the principals of natural justice. 12. The Appellant reserves the right to add, delete, substitute the grounds of appeal." 2. Only issue contested by the assessee is in respect of cash deposited amounting to Rs. 18,44,000/- during the by cash deposit. The assessee has submitted before the authorities below that the sources of deposit are out of agricultural income and LIC commission, which is received through bank transfers. Categorically, the assessee submitted before the authorities below that the cash during the demonetization period into bank account is out of agricultural proceeds only, which has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id to be about Rs. 36 lakhs per annum. It is also claimed that all crops are sold in open markets so as to fetch higher prices. All the deposits were claimed to be out of agricultural proceeds only. However, it is evident from the Assessment Order that the Appellant had not submitted the bank statements and the AO had obtained the same through independent enquiries with the bank. The AO has made a detailed analysis of the bank statements and concluded that the appellant has made cash deposits of Rs. 18,44,000/- over and above the cash withdrawals made during the year. At the time of cash deposits to the extent of Rs. 18,44.000/- the assessee was not having any cash in hand. Even the assessee had mentioned that the agricultural sales are at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out the comparative analysis of cash deposits or cash sales, month wise cash sales and cash deposits. It also provides that whether in such cases the books of accounts have been rejected or not where substantial evidences of vide variation be found between these statistical analyses. Therefore, it is very important to verify whether a case of the assessee falls into statistical analysis, which suggests that there is a booking of sales, which is non-existent and thereby unaccounted money of the assessee in old currency notes (SBN) have been pumped into as unaccounted money. 8.1 Another instruction dated 21/02/2017 requires that the assessing officer to verify basic relevant information e.g. monthly sales summary, relevant stock register ent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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