Loss from a Business Activity cannot be disallowed for mere non mention of that Activity in Form 3CD

We have heard rival submission and perused the material on record. It is not disputed that the assessee had started the business of trading in shares from A.Y. 2007-08. For A.Y. 2007-08, assessee had earned profit of Rs.7,73,143/- which has been declared as “business income”and had accordingly taxed at maximum margin rate of tax i.e. at 30%. When the department had accepted the stand of the assessee in the immediately preceding assessment year namely A.Y. 2008-09 (i.e. assessee had disclosed profits on trading of shares as business income) the department cannot take an inconsistent stand i...