basis of assessment made under Sub-section (3) of Section 143 .
7. Section 44AE of the I.T. Act provides special provisions for computing profits ... basis of Sub-Section (5)/of Section 44AD and Sub-Section (6) of Section 44AE . The claim of the assessee was raised in accordance with
arising from the assessment order passed under section 143(3)
read with section 147, penalty orders passed under section 271A and 271B ... provisions of section 44AE , therefore, as per sub-section (5)
of section 44AE , the requirement of maintaining the regular books of account and
getting
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
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existing section with new section. The following sub-sections of new
section 194C are relevant here: -
"194C ... goods carriage"
used in sec.194C(6) shall have meaning as defined in sub-section
(7) of section 44AE of the Act. The Explanation
pursuance to notice under Section 153A of the Act on a
presumptive basis in terms of Section 44AE of the Act. In the cash-flow ... Section 44AE of the Act
and in terms of Sub-section (4) of Section 44AE of the Act, depreciation is
deemed to have been allowed
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
results in tax
advantage.
Proposition - II: Scope of enquiry under section 44AE
In CIT v. Nitin Soni (2012) 207 Taxman 332 (All), the assessee ... given
case, is more than income calculated as per sub-section (2)
of Section 44AE , cannot be taxed.
Thus, it follows the query
section (6) of Section 194C of
the Act. It was explained that reference to Explanation to sub section (7) of
section 44AE in section 194C ... ready reference, provisions of section
194C(6) and Explanation-(ii) below section 194C(7) ,
provisions of section 44AE {1) and Explanation below section
44AE
ready reference,
provisions of section 194C(6) and Explanation-(ii) below section
194C(7) , provisions of section 44AE {1) and Explanation below
section 44AE ... applicable to
both sections i.e. section 194C and 44 AE, clause (b) is applicable onl y to
section 44AE, since for the benefit
ready reference, provisions of section
194C(6) and Explanation-(ii) below section 194C(7) ,
provisions of section 44AE {1) and Explanation below
section 44AE ... applicable to both sections i.e. section
194C and 44 AE, clause (b) is applicable only to section
44AE, since for the benefit of presumptive
