explained that reference to Explanation to sub section (7) of
section 44AE in section 194C is onl y in the context of definition ... carriage'. Clause (a) of Explanation to sub-section (7) of section 44AE defines
'goods carriage' and clause (b) defines 'deemed ownership
194C(6) and Explanation-(ii) below section 194C(7) ,
provisions of section 44AE {1) and Explanation below
section 44AE(7) of the Act are reproduced ... assigned
to it in the Explanation to sub-section (7) of section
44AE ;"
"44AE. Special provision for computing profits and
gains of business
directing the Assessing Officer to comspuct
Income from Truck Plying under section 44AE of the I.T. Act, 1961,
whereas the assessee has filed ... estimated, it should have been made as per provisions of sec. 44AE and
not otherwise. Therefore, the Id. Counsel for the appellant vehemently argued that
directing the AO to compute income from truck plying u/s
44AE of the I.T. Act 1961 whereas the assessee has filed its return ... directing the AO to compute income from truck plying u/s
44AE of the I.T. Act 1961 whereas the assessee has filed its return
income from trucks, whereas the income
was to be assessed u/s 44AE of the Income Tax Act.
(iv) That ... following directions.
"9 Now, it is the specific requirement of section 44AE that for the said
section to become applicable, the ownership
plying of truck as
determined by applying the provisions of section 44AE ... added to her total income as per the provisions of section
44AE at Rs.3,500/- per month, i.e. Rs.42,000/-. Since
misguided himself in not holding that the provisions of section
44AE are not applicable in absence of any finding that the Oil Tanker has been ... declared income of Rs.42,000/- as per the provision of section 44AE of
the Act. The AO was of the view that since
business of plying, hiring goods
carriage at Rs.50,000/- u/s.44AE of the Act. The AO noticed from the Balance Sheet ... ruck 2.Maruti 3.in nova.
According to the AO u/s..44AE of the Act, profits and gains have to be computed by
applying
assessee was more than the profit as
required under section 44AE of the Act. The Assessing Officer initiated
penalty under section 271B for non-compliance ... more than the amount estimated under the
presumptive scheme under section 44AE of the Act in respect of
business of plying trucks. The learned Authorized
transporter who has filed his
return of income u/s 44AE of the Act which is evident from the following
observation of the Assessing Officer ... During the year under consideration, the assessee has
shown receipts u/s 44AE of Rs.84,000/- from plying of trucks and income
from partnership
