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2021 (3) TMI 656 - AT - Income TaxUnderstatement of sales - assessee's only case is that it deserves to be assessed only qua the profit element of the impugned understatement of sales as a consequence to disallowance of handling loss claim of the fuel stock - HELD THAT:- We find no merit in assessee's instant grievance in entirety; more so in view of the fact that the CIT(A) has made it clear that the very sum represents gross profit on account of sale of diesel and petrol only. The fact, however, also remains that such a loss to fuel stock and minor variations therein cannot be completely ruled out on account of various miscellaneous factors. We therefore hold that a lumpsum profit addition of ₹ 2,19,551/- on wholesome basis out of the impugned sum would meet the ends of justice with a rider that the same shall not be treated as a precedent in any other assessment year; whatsoever. The Addition u/s 69 - assessee's failure in placing the advances paying customers list in the lower proceedings - HELD THAT:- The very factual position continues before the tribunal as well. The fact also remains that such advances in fuel retail business cannot be altogether ruled out as well. We make it clear that the assessee is merely selling its fuel stock on approved rates only hardly living behind any scope of misrepresentation in the books of accounts or stock; per se. We therefore hold that a lumpsum addition of ₹ 2,47,844/- under this last head will meet the ends of justice with a rider that the same shall not be taken as a precedent in any other assessment year.
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