Northern Alkalies (P) Ltd. In the return, he disclosed income under Section 44AE of the Income Tax Act (hereinafter referred ... been his meeting daily expenses. The plea raised under Section 44AE of the Act was rejected by him on the ground that the assessee
income from Truck operation as returned by the
appellant u/s. 44AE of the IT Act and in confirming the addition ... record
that the assessee declared income from business of truck u/s 44AE
of the Act. The Assessing Officer rejected the claim of the assessee
works out to Rs.1,05,000/- as per provisions of section 44AE of the IT Act (@
Rs.3500/- per dumper per month). Since ... Thus, the income has to be taken as per
provisions of section 44AE of the IT Act. The ld. CIT(A) further found that
income worked out by the assessee
as per provisions of section 44AE of I.T.Act 1961 on these
trucks. However, in the first appeal ... account and
offered the income as per the provision of Section 44AE of the Income-
tax Act, 1961. That the Assessing Officer has not disputed
plied by the assessee
was well within the ambit of the section 44AE. The Assessing
Officer has rejected the book result and has estimated ... income of the
assessee as per the formula prescribed in section 44AE. It is
irrelevant whether the revised return furnished by the assessee
crores as income, the Assessing Officer applied
provisions of Sec. 44AE and estimated the income per
vehicle per annum at a rate ... pointed out by the AR that the provisions of
Section 44AE are applicable only to those assesses, who own
ten or less number of vehicles
presumptive basis in view of the provisions of section 44AE of the Act.
Both the authorities below were of the view that the provisions ... section 44AE of the Act were not applicable to the assessee as the same
were to be applied, where the person was engaged
case one may consider presumptive tax provided in the statute
under section 44AE of the Act. We are aware that under the facts ... 2009
A.Y. 2004-05
circumstances the said section 44AE of the Act is not directly applicable but it can
be considered for the purpose
assessee on the basis that in view
of the provisions of Section 44AE of the I.T. Act, no TDS was required to be
deducted ... raising very rightly the issues of provisions of section 194C
and section 44AE of the Act, filing an affidavit of the payees, the
addition
sustained the computation at 8%, which is in accordance with section 44AE of the Act
and also made a passing reference of applicability of section ... acceptable if the profit is to be accepted as per
section 44AE, where no books are claimed to have been maintained. The AO neither
ignored
