Chhagan Chandrakant Bhujbal Vs ITO (ITAT Mumbai)
ITAT Mumbai restored the matter of addition under section 68 towards agricultural income since all facts and records for sales are not brought on record. ITAT directed assessee to demonstrate that sales made to parties are genuine.
Facts- The present appeal has been preferred by the assessee. The assessee is mainly aggrieved by addition of Rs.21,23,463/- confirmed by the ld. CIT(A), out of total addition made by the ld. AO of Rs.50,19,100/- on account of disallowance of claim of agricultural income added u/s 68.
Conclusion- Held that since all the facts and records especially for sales have not been brought on record before us, therefore, we deem fit that this matter should be restored back to the file of the ld. AO. Assessee should substantiate the sales by furnishing sale bills, bank statement etc., to show that the amount has been received through cheques. Assessee is also directed to file confirmation copy of ledger account from these parties. If the sales from these parties are found to be genuine, then no addition should be made. The assessee should also furnish the complete details of sales and expenses before the ld. AO. Accordingly, the matter is restored back to the file of the ld. AO and since part of the agricultural income to the extent of Rs.28,95,637/- has been accepted, the only issue of dispute would be with regard to Rs.21,23,463/-, for which assessee has to demonstrate that the sales made to these parties are genuine through proper bills and copy of ledger accounts.
