Transporting Petroleum products from Indian Oil Station to Petrol Pump through Tanker are not Contractual Receipt: ITAT quashes Revision Order [Read Order]

Transporting Petroleum products from Indian Oil Station - Petrol Pump - Transporting Petroleum products - Indian Oil Station - contractual receipt - ITAT quashes Revision Order - taxscan

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, while quashing the revision order passed under Section 263 of the Income Tax Act, held that the transporting of petroleum products from Indian Oil station to the petrol pump through tankers is not a contractual receipt. The assessee, Prabhakar Jha, ran a Petrol Pump in the name…

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