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TMI Blog2014 (1) TMI 753X X X X Extracts X X X X X X X X Extracts X X X X ..... ome embedded in the shortage which fact remains that the assessee did not get paid for it by reducing the transport receipts, when the Assessing Officer has himself has calculated at 12% of gross receipts from transportation - the taxation as brought on record an estimation of 12% to be reduced to 8% would meet the comparison as sought to be brought on record insofar as the coal trading business has also been brought on record by the Assessing Officer for the purpose of comparison - no estimation can be made on purported short receipts on account of transport business which relates to shortages of goods delivered and not because the shortage should be benchmarked fixed for comparison – Decided partly in favour of Assessee. - I.T.A. No. 314 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med by the learned CIT(A). 2. We have heard the rival parties and perused the material available on record. On our perusal of the assessment order it transpires that the Assessing Officer has taken cognizance to the Financial Statements filed by the assessee in holding a view that the assessee has reduced shortage of coal delivered to the contractees for transport when the same has been reduced from the gross bills received indicating that the estimation on account of gross receipts from transportation required enhancement at 12%. The assessee had declared on the net gross receipts being reduced from the deduction from bills raised by the assessee on account of shortage of coal delivered at 6.4% when the assessee had already rendered appr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see as by no stretch of imagination, assuming but not accepting, that the assessee may have rendered the shortage for its sales could return at 8% only was acceptable to the Assessing Officer. The learned Counsel of the assessee has pointed out that having accepted that 8% return on account of coal trading was to be computed in accordance with the finding of the Assessing Officer therefore misdirected himself to compare the trading results with the shortages to compute a higher percentage for the return of income from gross receipts from transportation alone. We are inclined to agree with the submission of the learned Counsel of the assessee insofar as trading in goods cannot be compared for generation of income on account of services when ..... X X X X Extracts X X X X X X X X Extracts X X X X
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