PALAM GAS SERVICE Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The assessee has preferred the present appeal under Section 260-A of the Income Tax Act, 1961 (for short 'Act') against the order of the Income Tax Appellate Tribunal, Chandigarh Bench 'B', Chandigarh (hereinafter referred to as 'ITAT') passed in ITA No. 1043/Chd/2012 dated 27.11.2013, Assessment Year 2006-07.

(2.) The appellant-assessee is engaged in the business of purchase and sale of LPG cylinders under the name and style of M/s Palam Gas Service at Palampur. During the course of assessment proceedings, it was noticed by the Assessing Officer (hereinafter referred to as 'AO') that the main contract of the assessee for carriage of LPG was with the Indian Oil Corporation, Baddi. The assessee had received the total freight payments from the IOC Baddi to the tune of Rs. 32,04,140/-.

(3.) Against the order of A.O., the assessee preferred an appeal before the Commissioner of Income Tax (Appeals), Shimla, H.P., (hereinafter referred to as 'CIT'), who vide its order dated 17.8.2012 upheld the order dated 30.11.2011. The matter thereafter came up in appeal before the ITAT which too met with the same fate.