1999 (1) TMI 13

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....admitted. The business of the firm consisted of purchase and sale of dry fish on wholesale basis either self or commission basis. For the accounting year ending on September 30, 1979 (assessment year 1980-81), the firm filed a return on July 19, 1980, declaring the income of Rs. 2,07,035, which was supported by the books of account. But, in a proceeding under section 132 and consequent to the search of the premises of the assessee, a note-book was recovered from the accountant of the firm, which disclosed a division of Rs. 4,000 per share. The assessee had filed a revised return declaring the income of Rs. 3,79,689, the details of which are as follows :               &....

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....bsp;                                         33,311                                                                        --------           &n....