9911796707
TMI Blog2010 (7) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 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 ₹ 11,81,200 on 25th Nov., 2003 and it was selected for scrutiny. At the time of survey, assessee surrendered additional income of ₹ 31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered 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 ₹ 12,87,205 was disallowed by the AO. The claim for deduction under s. 35AC in respect of ₹ 7,00,000 was also disallowed. However, that is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th 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 find that the Tribunal has reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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