Net Agricultural Income Accepted After Tribunal Revises Expense Claim

Shital Nilesh Parakh Vs ITO (ITAT Pune) In Shital Nilesh Parakh vs ITO, assessee declared business income u/s 44AD & agricultural income from onion cultivation. Gross agricultural receipts were Rs.89,50,214 & expenditure claimed was Rs.18,95,999 (21%), resulting in net agricultural income of Rs.70,54,215. AO treated entire agricultural receipts as income from other sources due to mismatch in land details, deposits & lack of books, completing assessment u/s 143(3) r.w.s 144B. CIT(A)/NFAC rejected 21% expense & estimated 35% expenses, thereby treating Rs.12,36,575 as unexplained ...