Sudhir Gajanan Patil vs. Assessment Unit, Income Tax Department

Parties Involved

Facts Summary

The assessee, Sudhir Gajanan Patil, is an individual engaged in the business of selling petrol and diesel. He e-filed his return of income on 30.10.2017, declaring a total income of Rs.10,94,570/-. The case was selected for scrutiny, and an assessment was completed on 19.12.2019 under section 143(3) of the IT Act. The Assessing Officer added an amount of Rs.2,23,977/- on account of the difference in stock of petrol and taxed it at the normal rate of tax. Subsequently, the Principal Commissioner of Income Tax directed the Assessing Officer to tax the difference in stock under section 69B at a special rate of income tax. The Assessing Officer passed a re-assessment order on 17.03.2023, taxing the addition under section 69B at the special rate of income tax. The assessee appealed against this order, which was dismissed by the Commissioner of Income Tax (Appeals). The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Applicability of provisions of section 115BBE of the IT Act in respect of addition made on account of difference in stock of petrol.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Shri Anitha Kumari Mehta Vs. DC/AC, Circle, Gaya

  Patna Bench benchAY 2017-18Allowed

• ITO, Ward-3(1), Gaya vs. Shri Gauri Textile Industries, Gaya

  Patna Bench, Patna benchAY 2017-18Dismissed

• Sandee Impex vs. Asstt CIT

  Delhi Bench benchAY 2015-16Allowed

• Domeraji Indaji Devra Vs. Income Tax Officer

  Ahmedabad bench

• Income Tax Officer, Ward -12(1) Vs. Vasa Commercial Pvt. ltd.

  Kolkata benchAY 2015-16Dismissed

• Dy. Commissioner of Income Tax vs. Santosh Promoters Private Limited

  Kolkata Bench benchAY 2012-13Dismissed