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
than presumptive
rate of Rs.3500/- P.M. as prescribed in Section 44AE of the Act.
(ii) That credit for two contra entries included ... adopt the course of
presumptive basis income covered u/s 44AE of the Act and he himself submitted
accounts and return income
According to the ld.DR once the income was
shown u/s 44AE there was no question of any further expenditure to be allowed ... allow
the expenditure. The assesse has shown the income under section 44AE for two
months. Therefore, books were not required to be maintained. Even
made on account of rejection of claim u/s.44AE
of the Act, ignoring that the accounting soft ware file tally 54
seized from ... facts in holding
that assessee is entitled for claim u/s.44AE of the Act, ignoring
that assessee is having the legal ownership
income from these vehicles be not
calculated as per provisions of Section 44AE of the IT Act. The assessee
explained that the above provisions ... income is offered. The AO by invoking the provisions of Section 44AE
of the IT Act calculated the income at Rs.69,600/-. Addition
Appeals)
ought to have appreciated that the provisions made
under section 44AE (3) that "Any deduction allowable
under the provisions of section ... vehicles during the year. The return of
income was filed under section 44AE of the Income Tax Act on20-3-
-3-
2007 declaring total income
allowing the computation of
income of the assessee u/s 44AE of the Income Tax Act,
1961 when the assessee is having more than ... rupees from plying of trucks/tankers and that the provisions of section 44AE of
the Act being not applicable in their case. Inter alia
Shri Uday Sood
had filed its return under the provisions of Section 44AE of the Act was
not accepted by the Assessing Officer. The Assessing ... verify the
return of income filed by Shri Uday Sood u/s 44AE of the Act. The Ld.
DR for the Revenue pointed that
income from
two mini trucks was shown as per provisions of S.44AE of the Income
Tax Act, 1961.
3. During the course of assessment ... income from the trucks has been
declared under the provisions of S.44AE of the Act, wherein the
depreciation has been deemed to be allowed
