TaxTMI 
TaxTMI 
1992 (8) TMI 266
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....e authority as well as the Tribunal considered them together. 2.. The petitioners are dealers in oil seeds at Kumbakonam and according to them, they were also acting as commission agents and doing brokerage business. For the assessment years 1974-75 and 1975-76 they were initially assessed on a taxable turnover of Rs. 13,15,500 and Rs. 8,05,158 respectively. On an inspection said to have been conducted by the officers of the department on October 5, 1979 several records appears to have been recovered relating to the clandestine business dealings of the petitioner. After analysing the records and after giving due and sufficient opportunity by issuing a show cause notice and considering the explanation submitted, the Deputy Commercial T....
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....were completed on the same day, the first appellate authority specifically found that it was not really so and there was sufficient gap between the arrival of the stocks and actual disposal, to belie such a claim. To reject the claim of the petitioner, the first appellate authority also took into account the rate of brokerage that may be realised and the substantial sums of money every day advanced for their business to pay the agriculturists and the length of time for which the stocks acquired were kept stored before they were ultimately disposed of. On the above view the first appellate authority also came to the categorical finding that the petitioner has purchased groundnut and gingerly seeds from the agriculturists and not only sold th....
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....en filed challenging the order of the Tribunal referred to supra. Mr. Inbarajan, learned counsel for the petitioner reiterated the stand taken before the authorities below that the transactions reflected in the slips recovered related to merely the brokerage transactions of the petitioners and not regular sale transactions. We are unable to countenance the plea of the learned counsel. We have been taken through at length of the orders of the first appellate authority as well as that of the Tribunal. The authorities below have cogently marshalled the vital material reflected in the various slips, credit chittai and sale bills while rejecting the very stand taken before them that the transactions covered by those records were brokerage transa....
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.... threat or coercion. There has been no reply to the pre-assessment notice for the assessment year 1975-76 also. Only long after the statements were recorded, the plea of brokerage was put forth. There are also other factors which indicate that the disputed turnover does not represent brokerage transactions but only their business transactions. The examination of these slips does not show that the transaction of purchase and sale was completed on the same day in the presence of the appellants. There are number of occasions in which the kernel purchased on a particular day was sold long after. As rightly pointed out by the learned Appellate Assistant Commissioner, no commission agent would purchase goods and keep it for months together and se....