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RU
ITAT Bangalore Deleted Section 69A Addition as Agricultural Income Explained Cash deposit
['Author Info', 'Name', 'Qualification', 'Company', 'Location', 'Articles Published', 'View Full Profile', 'More Ca Vijayakumar Shetty', 'August']
taxguruin
His case was that the agricultural income had been retained in cash with the intention of constructing a farmhouse.
Both the lower authorities have further erred in upholding the above agricultural income of Rs.58,20,000/- as alleged cash deposits us.
The assessee also submitted that the entire cash deposits were made out of his agricultural income earned.
Further, it is submitted that the authorities below have accepted the agricultural income of Rs.22,62,000/- earned during the year under the consideration and therefore the source of income being agricultural is not a dispute.
from FY 2013-14 to 2016-17 and earned agricultural income as detailed below:-Sl.No Financial Year Agricultural Income (in Rs.)