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The Tax PublishersITA No. 3924/Del/2018
2019 TaxPub(DT) 1558 (Del-Trib)INCOME TAX ACT, 1961
Section 68
Where assessee was a pure agriculturist and did not have any other income, CIT(A) rightly sustain the addition, for the amount of deposit in his bank account for which he could not offer satisfactory explanation for the source of income.
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Income from undisclosed sources - Addition under section 68 - Validity of -
Assessee had substantial cash deposit in his and his daughter's account and submitted before AO that receipts were received out of sale proceeds of agricultural land and plots of assessee. AO alleged that in the sale deeds submitted by assessee, total consideration received as per the sale deeds was lower than the cash actually deposited by assessee in his bank account and the bank account of her daughter. Therefore, the difference between sale consideration and the total amount deposited was added to income of assessee as unexplained cash credit under section 68. CIT(A), however, reduced the addition. Held: It was an admitted fact that assessee was a pure agriculturist and did not have any other income. AO was rightly directed to sustain the addition and delete the balance, as assessee could not offer satisfactory explanation for the source of income.
REFERRED :
FAVOUR : Against the assessee.
A.Y. :
INCOME TAX ACT, 1961
Section 68
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