erred in law and on the facts in holding that s. 44AE is applicable in the case of the assessee though the assessee owns more ... since the assessee has maintained more than 10 trucks, provisions of s. 44AE are not attracted and income cannot be computed by taking a resort
reopening of the assessment and invoking the provisions of Section 44AD and 44AE . The assessee contended before the CIT(A) that reopening of the assessment ... unjustified and AO is not justified in invoking the provisions of Section 44AE and 44AD . It was further submitted that the reasons mentioned
Engg. Ltd
whereas assessee has filed his return of income u/s 44AE of the
Income Tax Act and he is not required to maintain ... books of
accounts as per provisions of section 44AE of the Income Tax
Act, 1961.
2
ITA Nos. 451, 814 & 815/JP/2018
Shri
rejecting assessee's contention of its case
being covered u/s 44AE of the Act.
3. Without prejudice to Ground ... various expenses, then, income should be
computed by taking guidance under section 44AE of the Act. The
ld.counsel for the assessee contended that
trucks and hence was not eligible for
the presumptive scheme under Section 44AE of the Income-tax Act,
1961, the said provision still provides ... assessee by taking guidance from the
presumptive taxation scheme under Section 44AE , to ensure a fair,
equitable, and non-arbitrary estimation.
5. That the income
assigned to it in the
explanation to sub-section (7) of section 44AE."
The AO noticed that the provisions of sec.44AE ... more than ten goods carriage during the relevant previous year.
Since section 44AE is referred to in sec.194C
books and the income was declared in the return computed under S.44AE of
the Act that is under presumptive provisions ... 153A of the Act on a
presumptive basis in terms of Section 44AE of the Act. In the cash-flow
statement, assessee claimed that
owned 5 trucks. The total income
from all trucks as per section 44AE of the Income Tax Act, 1961 come ... depreciation in the books (which is deemed as allowed under section
44AE of the Income Tax Act). Hence, income returned from all trucks
para 28 -
5. Fourth item of addition relates to addition under section 44AE . The
partners had not declared any income from truck plying which ... computed in accordance with the provisions of section 44AE . The
Tribunal finally confirmed the following additions in the hands of the
partners:-
Sl.. Name
tractors
for hire and that income to be considered u/s 44AE of the Act and
as per this provision of the Act, income ... assessee's income has been accepted u/s 44AE of the
ITA No.537/Bang/2024
Smt. Aruna, Bangalore
Page
