9911796707
TMI Blog2011 (8) TMI 1118X X X X Extracts X X X X X X X X Extracts X X X X ..... of the AO for re-adjudication in line with the decision of the Tribunal in the case of the assessee for assessment years 2002-03 to 2004-05. The relevant paragraph no. 3 of the decision is reproduced below:- "3. In regard to the 2nd ground which is against the action of ld. CIT(A) in deleting the addition made on account of closing stock of natural gas, it was fairly agreed by both the sides that the issue was squarely covered by the decision of coordinate bench of this Tribunal in the assessee's own case in ITA No. 989(Del)/2006 dated 25.7.2008 for assessment year 2002-03 and ITA No. 4455 and 4456(Del)/2007 dated 5.9.2008 for the assessment year 2003-04 and 2004-05 wherein this Tribunal has restored the issue to the file of the AO for re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 001-02 to 2004-05, which are 4.01%, 4.32%, 4.47% and 3.46% respectively, being the least in this year. However, the ld. CIT(Appeals) mentioned that he does not have expertise in the subject and it would have been better on the part of the AO to take expert opinion from the officials of GAIL and ONGC Ltd. The difference is lowest in this year and it is within the prescribed limit mentioned by the Tribunal. The AO has also not brought on record any contrary evidence and, therefore, the addition made by the AO has been deleted. 2. Before us, the ld. DR referred to the finding of the AO to the effect that the assessee has not furnished the details of quantity of gas available in the pipe lines and value thereof. Therefore, it is not feasible t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be subjected to verification, as reasonable loss. Accordingly, it is argued that the addition made by the AO may be restored. 2.1 In reply, the ld. counsel referred to the finding of the Tribunal in its case for assessment year 2002-03. In this order, it has been mentioned that the reconciliation difference as percentage of purchases varies between 4.01% to 4.47% in assessment years 2000-01 to 2004-05, which is an information based on balance-sheet of the assessee. The percentage of loss which works out to be 4% of the purchases during the year under consideration appears to be reasonable, subject to verification. The intent of these observations was to find out the percentage of loss and evaluate it against acceptable loss of 4%. This has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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