2010 (7) TMI 1067

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.... "the Act" for short) and pertains to asst. yr. 2003-04. 2. The assessee deals in "Hundi Dalali" at Neemuch. A survey was conducted under s. 133A at the business premises of the assessee on 18th Feb., 2003. The assessee filed a return of income showing an income of Rs. 11,81,200 on 25th Nov., 2003 and it was selected for scrutiny. At the time of survey, assessee surrendered additional income of....

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....s shown only to reduce the income surrendered during the course of survey under s. 133A of the Act. The AO also found that garlic was purchased at higher rate than the market rate of this quality of garlic. Considering all these facts, the loss claimed in garlic account by the assessee of Rs. 12,87,205 was disallowed by the AO. The claim for deduction under s. 35AC in respect of Rs. 7,00,000 was a....

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....e through banking channels with the registered dealers which were duly supported by vouchers, therefore, the genuineness of the transaction could not be doubted. It was submitted by Shri Goyal, learned counsel appearing for the appellant, that the assessee suffered a loss due to change in market trend. 6. After hearing Shri Goyal at length and going through the material available on record, we ....