9911796707
TMI Blog2025 (5) TMI 362X X X X Extracts X X X X X X X X Extracts X X X X ..... ort) for the Assessment Year (AY) 2020-21. 2. The core ground raised by the assessee is as under: "[1] The Ld. CIT(A), NFAC, Delhi is grievously erred in determining the disallowance of the balance amount of Rs. 14,33,983/- at the rate of 15% of agriculture income out of the total disallowance of Rs. 28,67,967/- being the estimate of 30% expenses of net agriculture income is quite illegal and unreasonable and wrong concept. ...." 3. The brief facts of the case are that the assessee is engaged in agricultural activities and has filed his return of income for the year under consideration on 30.03.2021 determining income of Rs. 9,80,080/- and declaring agricultural income of Rs. 95,59,891/-. The Assessing Officer completed the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of section 115BBE of the Act." 4. Aggrieved by the order of the Assessing Officer, the assessee filed appeal before the Ld. CIT(A) who restricted the disallowance to 15% of the agricultural income of Rs. 95,59,892/-, resulting in confirming the addition of Rs. 14,33,984/- u/s 68 of the Act. 5. Aggrieved by the order of the Ld. CIT(A), the assessee is now in appeal before the Tribunal. 6. We have heard the rival contentions and perused the material available on record. We find that the Assessing Officer made an addition at the rate of 30% of net agricultural income of Rs. 95,59,891/- i.e. Rs. 28,67,927/-, being unexplained cash credit u/s 68 of the Act, since the assessee has failed to substantiate his claim of low expenses incurred of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tc. The Ld. AR also submitted that the assessee had minimal requirement of labour and owned water facility. Hence, the expenses were minimal. The details of sale are neither doubted nor in question. The agricultural produce consists of mango, sapota, wheat, chickpea, corn, moong, guwar, juwar, tuvar, bajari which are regular commercial food crops grown in this area. The average agricultural income per acre on these crops' ranges from Rs. 25,000/- to Rs. 30,000/-. The total acreage held by the assessee is approximately 40 acres. Since the sale receipt has not been disputed by the Revenue, we hold that restricting the expenditure to 15% by the Ld. CIT(A) is quite reasonable and no interference is called for on this issue. Appeal of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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