TMI Blog2021 (3) TMI 656X X X X Extracts X X X X X X X X Extracts X X X X ..... fore 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- made by the Assessing Officer on the ground that IOCL reimbursed the expenditure incurred towards CCTV and Stamping Charges. 5) The learned Commissioner of Income Tax (Appeals) ought to have considered the fact that neither such expenditure was incurred by the appellant nor the amounts were received by the appellant during the year under consideration. 6) The learned commissioner of Income Tax (Appeals) erred in confirming the addition of ₹ 80,250/- made by the Assessing officer on the ground that the said amount of commission was not recorded in the books of account without considering the fact that such amount was already accounted for in the books of account of the appellant. 7) The learned Commissioner of Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an Oil Corporation Ltd. (IOCL) products selling petrol, diesel, lubricants etc., filed return of income admitting total income of ₹ 14,94,070/-. The AO gave a number of opportunities to the appellant on various dates as contained in para 1 of the assessment order. Since no response was received from the appellant, the AO completed the assessment u/s. 144 of the Act as under: 3.1 The AO obtained the details of petroleum products supplied by IOCL to the appellant, the handling loss allowed for diesel and petrol and the margin given to the appellant: over the sale of petrol and diesel per kilolitre (termed as commission in the assessment order) and worked out the gross profit on account of sale of diesel and petrol (termed as commis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gned addition. The 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. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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