M. K. Kempasiddaiah Vs ACIT (ITAT Bangalore)
Since no documentary evidence was filed, the AO treated the sum of Rs.2,50,000/- was unexplained investment which the CIT(A) confirmed. It is the plea of the assessee that the assessee is a 80 years old person and his savings to the extent of Rs.2,50,000/- cannot be doubted. After considering rival submissions, I am of the view that the plea of the assessee in this regard has to be accepted. Admittedly, the fixed deposit in question was issued on 02.06.2010 and matured for payment on 02.06.2012. Considering the income returned by the assessee in the past, I am of the view that the plea of the assessee that the source of funds for making investments in fixed deposit is out of past savings deserves to be accepted.
FULL TEXT OF THE ORDER OF ITAT BANGALORE
ITA No.682/Bang/2020 to 686/Bang/2020 are 5 appeals by the Assessee against 5 orders of CIT(A)-11, Bangalore, all dated 27.4.2018 in relation to AY 2008-09 to 2011-12 and 2013-14. Since common issues are involved, these appeals were taken up together for hearing. We deem it convenient to pass a common order.
2. There is a delay of 844 days in filing these appeals by the Assessee. The reasons for the delay in filing the appeals was considered by this Tribunal and by an order dated 28.1.2021, the delay in filing the appeals was condoned.
3. We shall first taken up for consideration ITA No.683 to 685/Bang/2020, relating to AY 2009-10 to 2011-12, in so far as it relates to taxing Agricultural Income declared by the Assessee in the return of income filed in response to notice u/s.153A of the Income Tax Act, 1961 (Act), as income under the head “income from other sources”. As the facts and circumstances in which this addition was made in these three appeals are similar and raises question with regard to scope of powers of an AO while framing assessment u/s.153A of the Act in respect of income which does not emanate from any material found in the course of search, we deem it appropriate to take up this issue for consideration for these three AYs together.
4. The Assessee filed return of income for AY 2009-10 to 2011-12 as per the details given below:
