Government Certificate Prevails Over AO’s Assumptions in Nursery Income Estimation Case

Nakka Kasivisweswara Rao Vs ITO (ITAT Visakhapatnam) ITAT Vizag Partly Allows Appeal – Nursery Income Estimated @1 Lakh per Acre-CIT(A) Order Modified – Agricultural Income Reassessed at Realistic Level- Government Certificate Prevails over AO’s Assumptions & Arbitrary Estimate Assessee, engaged in nursery operations under the name “Sri Visweswara Hitech Nursery”, filed return declaring Nil income after claiming net agricultural income of Rs. 22.26 lakh as exempt. AO, during scrutiny, questioned genuineness of agricultural income as no books of account or vouchers were produced. ...