ITAT deletes part addition for Agricultural Produce considering reasonable quantum of sale proceeds

Sanjeev Kumar Malik Vs ITO (ITAT Delhi) As could be seen from the facts on record to explain the source of investment in purchase of land amounting to Rs.45,78,550, the assessee has submitted that Rs.21,70,000 were out of earlier withdrawals from various bank accounts in name of self, father and Whereas, the balance amount was from the sale of various agricultural produces like sugarcane, maize and potato etc. However, in course of assessment proceedings, while the Assessing Officer accepted the withdrawals from bank and past savings, he rejected the claim of loan from mother and brother as we...