ITAT allows Debit note received in Subsequent Assessment Year for difference in price

DCIT Vs Charotar Gas Sahakari Mandali Limited (ITAT Ahmedabad) Briefly stated, the assessee is a co-operative society and engaged in providing CNG Gas and purchase and sale of natural gas to domestic and commercial consumers and earns commission on CNG. In the course of the scrutiny assessment, the AO observed that a revised return was filed by the assessee wherein deduction of Rs.7,92,41,327/- was claimed as expenses. To support such claim, it was contended on behalf of the assessee before the AO that as per terms and conditions with supplier GAIL Limited, the gas purchased for domestic custo...