9911796707
TMI Blog2023 (2) TMI 911X X X X Extracts X X X X X X X X Extracts X X X X ..... s of appeal:- "1. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) has erred in deleting the addition of Rs.2,39,42,814/- as undisclosed sales and estimated profit of the outside book sales at 3.9% of Rs.2,39,42,814/- (i.e Rs.9,33,770/-). 2. That the Ld CIT (A) has not considered the fact that the assessee has unrecorded sales of Rs.2,39,42,814/- which has been duly reflected in her daily sales register with identification mark JFS/I/1, impounded during the course of survey u/s 133A of the Income Tax Act, 1961 conducted by the department and has failed to furnished any supporting documents to explain the reason for the difference in the sales as per her daily sales register and sales as per her books of acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,39,42,814/- and assessed income at Rs.2,52,69,128/-. 3.1. Aggrieved the assessee preferred an appeal before the ld. CIT(A) who after considering the submissions of the assessee which was filed through online mechanism also considering the net profit rate offered by the assessee in past and also the fact that purchases were duly disclosed, sustained the addition only to the extent of 3.90%, being net profit on the alleged undisclosed sale and partly allowed the assessee's appeal. 4. Aggrieved the revenue is in appeal before this Tribunal. 5. The ld. D/R, relied on the order of the ld. Assessing Officer while the ld. Counsel for the assessee supported the order of the ld. CIT(A). 6. We have heard rival contentions and perused the record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... side books sales, the AO could not bring on record any material as would prove that the Appellant had made any outside books purchases or that the purported customers to whom petrol and diesel was sold were charged exorbitantly over and above the price regulated for petrol and diesel by the Oil Marketing Companies (OMCs). In view of the ratio of the above judgments and discussion, it is clear that while the entire "outside books" sales cannot be brought to tax, at the same time only at reasonable gross profit rate is required to be estimated. In the case of the Appellant, the Appellant is running a petrol pump wherein the returned GP rates of the Appellant are being tabulated as under: Particulars AY 2015-16 AY 2016-17 AY 2017-18 G ..... X X X X Extracts X X X X X X X X Extracts X X X X
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