Petrol Pump Owner's Cash Deposits Deemed Legitimate; Tribunal Deletes Major Addition, Limits Net Profit Taxation.

1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available

2. New: “In Favour Of” filter added in Case Laws.

Try both these filters in Case Laws →

Petrol Pump Owner's Cash Deposits Deemed Legitimate; Tribunal Deletes Major Addition, Limits Net Profit Taxation.

X X X X Extracts X X X X

....The assessee, a sole proprietor running a petrol pump allotted by BPCL, deposited unexplained cash in the current bank account. The AO invoked Section 69A and made an addition, also invoking Section 115BBE. The Tribunal examined the monthly purchase and sales details, finding no major increase during demonetization. It concluded that the cash deposit was from the sale of petroleum products at the petrol pump. The assessee declared a net profit of Rs. 3,07,646 and a gross profit of Rs. 9,29,949 on gross sales of Rs. 3.23 crore. The books were audited, and quantitative records maintained. The gross profit margin at petrol pumps typically ranges from Rs. 1.5 to Rs. 3 per liter for petrol and Rs. 2 to Rs. 3 for diesel. The Tribunal found the ne.........

Contact Us At :

FAQs :

Most Asked Video Tutorials :

Submit Feedback/Suggestion :

Petrol Pump Owner's Cash Deposits Deemed Legitimate; Tribunal Deletes Major Addition, Limits Net Profit Taxation.