chargeable on presumptive income, computed as per sub-section (2) of the Section 44AE . The scope and effect of the above section has been explained ... given case, is more than income calculated as per sub-section (2) of Section 44AE , cannot be taxed.
Thus, it follows the query
because the case of the assessee falls outside the ambit of Section 44AE as the amendments at any time during the previous year in Section ... hence clause at any time during the year in Section 44AE is not applicable in the case of the assessee in the relevant assessment year
assessment could be rectified Under Section 154 of the IT Act to ensure that the statutory provisions of Section 44AE were complied with ... basis of assessment made under Sub-section (3) of Section 143 .
The said section provides the method of estimating the income from the business
assessment could be rectified u/s 154 of the IT Act
to ensure that the statutory provisions of Sec.44AE were complied with ... basis of
assessment made under sub-section(3) of section 143 ."
The said section provides the method of estimating the income from the
business
duty bound to assess the income in accordance with sub-section (2) of section 44AE . He has further argued that sub-section (6) has used ... section (2) thereupon the assessing officer should proceed to make on assessment under section 143(3) as provided in section 44AE(6) . The language
enactment of Section 194C clarifying that transport operation would not be covered by Section 194C . Petitioners also relyon Section 44AE of the Act, indicating that ... purpose of Section 44AE isdifferent from the scope of Section 194C . Section 44AE provides an alternativemode of computing the income and paying the tax, while
income therefrom had been declared on
estimate basis under Section 44AE of the Income Tax Act (for short
the 'Act'). The remaining ... receipts from the trucks were declared on
estimate basis under Section 44AE . On the other hand, huge
.
expenses of `1,18,82,601/- were debited
section (2) thereupon the assessing officer should proceed to make an assessment under section 143(3) as provided in section 44AE(6). The language ... This assessment requires to be made under section 143(3) and not under section 44AE. Therefore, we are of the opinion that under the circumstances
income therefrom had been declared on
estimate basis under Section 44AE of the Income Tax Act (for short
the 'Act'). The remaining ... receipts from the trucks were declared on
estimate basis under Section 44AE . On the other hand, huge
.
expenses of `1,18,82,601/- were debited
Section 44AD of the
Income Tax Act, 1961 and that the Petitioner at best may entitled only to the
benefit of Section 44AE ... However, the impugned order has not given the benefit of
Section 44AE of the Income Tax Act, 1961 while computing the Tax payable
