TMI Blog2009 (7) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... held that trading results declared by the assessee were not verifiable. The assessee could not co-relate the transactions in the books of accounts with the RG register. Since the Assessing Officer was not satisfied with the explanation of the assessee, he made addition to the declared income – held that books of account maintained by the assessee were duly audited and Assessing Officer had not po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rvey proceedings u/s 133A as "rough notes" and not treating the differences as "serious defects" in the "regular audited books of accounts" produced at the time of assessment proceedings." 2. A survey under Section 133A of the Act was conducted at the business premises of the assessee on 17.9.1999 and certain loose papers and documents were found. The Assessing Officer held that trading result ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rejecting the books of account mainly relied on the loose slips found during the course of survey which were also duly reconciled and explained by the assessee before the Commissioner of Income-tax (Appeals) and considering the fact that the books of account maintained by the assessee were duly audited and Assessing Officer had not pointed out any specific defect whatsoever in such books of accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he finding of the Assessing Officer should have been maintained. It was submitted that the view taken by the CIT(A) as well as the Tribunal was perverse. 5. We have heard learned counsel for the appellant and perused the order of the CIT(A) as well as the Tribunal. 6. We are unable to hold that the findings are perverse. The CIT (A) as well as the Tribunal has discussed the entire evidence ..... X X X X Extracts X X X X X X X X Extracts X X X X
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