The assessee, a sole proprietor running a petrol pump allotted by BPCL, deposited unexplained cash in...

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..... .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X