Shortage loss in case of a petrol pump whether allowable
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 January 2015
One of my assessee's is having a petrol pump.There was a quantity shortage of Petrol/ Diesel.The assessing officer is saying as the dealer is receiving commission from I O C , it includes your all losses on a/c of evaporation losses/handling losses/ transit losses and you are not entitled for shortage losses any more.
Whether assessing officer's view is correct.
Please give your valuable opinion on this issue at the earliest.
Whether assessing officer's view is correct.
Please give your valuable opinion on this issue at the earliest.
Message likes :
1 times
31 January 2015
Assessing officer's view is not correct. The entire commission received is taken as income so evaporation loss should be allowed. That is the practice followed similar assesses. Ask your AO to refer to other AO's assessing similar cases.
Message likes :
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