TaxTMI 
TaxTMI 
2016 (1) TMI 777
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....x parte qua the Assessee on the basis of material on record and written submissions. 3. The relevant facts as culled out from the material on record are as under. 4. Assessee is an individual stated to be deriving income from dealership of fuel business. Assessee filed her return of income for AY 2008-09 on 30.9.2008 declaring total income of Rs. 21,14,633/-. The case was selected for scrutiny and thereafter assessment was framed u/s 143(3) vide order dated 30.12.2008 and the total income was determined at the Rs. 30,69,080/- Aggrieved by the order of A.O, Assessee preferred appeal before ld. CIT(A) who vide order dated 26.3.2012 granted partial relief to the Assessee. Aggrieved by the order of ld.CIT(A), Assessee is now in appeal before ....
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.... view of the fact that Assessee had not maintained any register of account from which the quality and age of oil could be inferred. He was therefore of the view that the valuation of stock at "net realizable value" adopted by Assessee was subjective and without any evidence and proof. He accordingly rejected the books results as regards the closing stock u/s 145 of the Act and thereafter valued the stock of oil at Rs. 112.6 per liter and made addition of Rs. 28,453/-. Aggrieved by the order of A.O, Assessee carried the matter before ld. CIT(A) who upheld the order of A.O by holding as under:- 8.2 The Assessing Officer has taken the Valuation of closing stock at cost basis. Appellant claims that it has valued at market value which is lower....
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....e order of AO and thus this ground of Assessee is dismissed. 2nd ground is with respect to disallowance of 50% of sales promotion expenses 10. Assessee had claimed Rs. 2,22,550/- as sales promotion expenses which was stated to be towards providing 1 liter of mineral water bottle to the customers who refilled their fuel tank in excess of Rs. 1000/-. A.O noted that Assessee did not support its contention by furnishing the names, addresses and complete details of the customers. He accordingly held that the expense had remained unverifiable and accordingly disallowed 50% of expenses. The action of A.O was confirmed by ld. CIT(A) by holding as under:- 8.5 Claim of advertisement expenses is allowed in full as these expenses have been incurred....
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....bmissions of the Assessee have also not been controverted by Revenue. Further, Revenue has also not placed any evidence on record to demonstrate that the expense is not for business purpose. Considering the fact that the submissions of both the parties are not supported by any evidence, the disallowance being made by A.O on adhoc basis, the passing of a cryptic order of ld. CIT(A), we are of view that in the present case considering the fact that the matter is more than 7 years old and no useful purpose would be served in remanding the matter back. In such a situation, we are of the view that the ends of justice shall be met if the disallowance is restricted to Rs. 25,000/- as against Rs. 2,20,000/- made by A.O. We thus direct accordingly. ....