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ITAT upheld that the assessee's claimed shortage/evaporation/shrinkage losses in respect of motor spirit and high speed diesel were within permissible norms for a filling station in hilly terrain. Although the AO, relying on OMC norms, treated the claimed loss as excessive and made additions sustained by the ld CIT(A), the Tribunal found the assessee's calculations demonstrably within allowable limits, including shrinkage and temperature-variation allowances of 0.5357% for petrol and 0.3891% for diesel. The additions made by the AO and affirmed below were deleted and the appeal was allowed in favour of the assessee.
ITAT upheld that the assessee's claimed shortage/evaporation/shrinkage losses in respect of motor spirit and high speed diesel were within permissible norms for a filling station in hilly terrain. Although the AO, relying on OMC norms, treated the claimed loss as excessive and made additions sustained by the ld CIT(A), the Tribunal found the assessee's calculations demonstrably within allowable limits, including shrinkage and temperature-variation allowances of 0.5357% for petrol and 0.3891% for diesel. The additions made by the AO and affirmed below were deleted and the appeal was allowed in favour of the assessee.
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