Indian Kanoon - Search engine for Indian Law

Section 16 in The Finance Act, 2018 16. Amendment of section 44AE. - In section 44AE of the Income-tax Act, with effect from

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

added by the AO as additional income from Dumper Plying. Applying section 44AE of the Income tax Act. AO estimated the income of Dumpers Plying ... violation of these sections and section has no application. 16. Assessee further relies on the following decisions of 44AE :- a. CIT Kanpur V/s Nitin

turnover in section 44AD of the Act and this section specifically exempts the assessee not only from getting its accounts audited u/s 44AB ... receipts is deemed to be the profits and gains from business. Section 44AE provides presumptive provisions for the assessee engaged in the business of plying

made to big transporters who are out of the purview of section 44AE. 7. Whether on the facts and circumstances of the case ... existing provisions of sub section (6) of section 194C of the Act on furnishing of PAN. 6.6 Therefore, the section has been proposed

income of Rs. 1,20,000/- as per the provisions of section 44AE of the Act. However, the AO during the assessment proceedings requires ... offered in the income tax return under the provision of Section 44AE of the Act. 4.2 The assessee in compliance thereto justified that

income from transport business was treated separately and accordingly, shown u/s 44AE of the Act. The Assessing Officer added the income from transport business ... which according to assessee is to be assessed to tax u/s 44AE , had ever been debited. Therefore, according to the CIT(A), claiming

from Mathosri Road Lines was admitted u/s. 44AE, that the total receipts from plying of the six own vehicles of M/s. Mathosri Road ... less than the amount specified in sub.sec 1 and 2 of Sec. 44AE, the assessee was not required to maintain books of account

alternative, income should have been determined as per provisions of Section 44AE of the Act. I find that identical issue arose in assessee ... raised by the assessee is in not applying the provisions of section 44AE of the Act to assess the transport receipts in the hands

profit @ 3.5% made by the Assessing Officer and also application of section 44AE of the Act to determine the truck plying income ... applying the rates as specified in section 44AE of the Act. 6. On appeal, the CIT(A) confirmed the action of the Assessing Officer