9911796707
TMI Blog2012 (10) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... mited. 3. Rival contentions have been heard and records perused. Facts in brief are that assessee is engaged in trading of Soyabean and wheat under the name and style M/s. Ashok Traders in his sole proprietary capacity for last more than 20 years at Khandwa. Assessee purchases soyabean and wheat directly from farmers through Krishi Upaj Mandi and sales it to various soyabean plants and flour mills. 4. During the course of scrutiny assessment, the Assessing Officer made an ad hoc disallowance of Rs. 15 lacs out of assessee's claim of expenditure under the head "Shortage, Damages, Moisture" etc. The Assessing Officer has also made addition of Rs. 56.50 lakhs in respect of amount received by the assessee from TATA Chemicals for purchasing go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to nearly 97.36 % of soyabeen turnover of Rs. 10.26 Cr. Once this fact is considered in proper perspective, it cannot be said in any manner that the quantum of claim allowed was excessive vis-a-vis claimed allowed to other parties or for that matter the quantum of turnover with M/s. Vippy. The AO's has not cared to examine the detailed claim which are supported by Debit notes raised by M/s. Vippy. The appellant, in pursuance to query raised in appeal proceedings, has brought details and material on record, that despite such claims allowed to M/s. Vippy in earlier as well as later year, the appellant has earned profit from M/s Vippy in other years, except in year under appeal. 4.2.2. The AO's action in these facts, in view of discussion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eyond any doubt. Such amount was received by appellant from M/s. Tata Chemicals Ltd. only through RTGS. Hence the addition made for lack of confirmation and verifiability is hereby directed to be deleted. This ground is also allowed in favour of the appellant. " 6. We have considered rival contentions, gone through the orders of lower authorities and find from record that M/s. Vippy Solvex Limited, one of the buyers, deducted certain sum towards shortage, metti, damaged goods, rate difference, moisture etc. out of amount payable to assessee on account of sale proceeds. The deduction so made was as per prevailing trade practice & terms of contract. Similar deductions were also made by other customers of assessee viz. M/s. Rama Phosphate Li ..... X X X X Extracts X X X X X X X X Extracts X X X X
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