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Further a letter dated 7.12.2007 was issued to the assessee vide this office letter dated 07.12.2007, the letter is reproduced as under:

I am forwarding herewith the copies of Form NO.10DB (five in numbers) given in respect of the share transactions done by you through the following stock brokers

a) JRG Securities Ltd

b) Venkataraman & Co.

c) Kotak Securities Ltd

d) Insight Share Brokers P Ltd.

The above details are required for the transaction done on behalf of Sri Jahabar Ali for the period 1.4.2004 to 31.3.2005.

You are requested to send the details called for within 5 days of receipt of this letter. "

Subsequently, the assessee filed letter dated 12.12.2007 filed in this office on 12.12.2001 the details are as under:

Further to our precious representations, your goodself has called for further details, the same are explained below:

1. Reconciliation of turnover as per Form 10DB and the account statement of the records. In this regard I would like to state that the turnover as reflected in form 10DB, represents both purchases and sales. Whereas, the statement as provided by the brokers would include purchase, sale, brokerage, service tax, securities transaction tax and net of settlement amounts. Hence, the gross total income as appearing in the form 10DB and that of the brokers account would not tally on the face of it.

You were asked to reconcile the information given as per Form NO. 10DB with that reflected as per your books of accounts.

In reply your authorized representative filed a letter dated 12.12.2007. The relevant content has been reproduced as under:

1. Reconciliation of Turnover as per Form NO.10DB and the account statements of the brokers: In this regard, I would like to state that the turnover as reflected in Form 10DB, represents both purchase and sales. Whereas the statement as provided by brokers would include purchase, sale, brokerage, service tax, securities transaction tax and the net of settlement amounts.

The assessee's Authorised Representative Shri Siddharth Mehta filed a letter dated 13.12.2007 filed in this office on 14.12.2007. The contents of the letter are as under:

''In continuation of my earlier letter dated 12.12.2007, I would like to further state that the turnover as reflected in Form 10DB is covered under the turnover as arrived by my client in the return of Income filed.

The turnover as reflected in Form 10DB is including both sales and purchase of shares.