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
previous year computed in accordance with sub-
section 2 of section 44AE of the Act. In this section 44AE of the Act, the words ... chargeable on presumptive income, computed as per sub-section
(2) of the section 44Ae of the Act.
7. The scope and effect of above section
1942/06 u/s 69 - Rs. 4, 37, 500/- Rs. 2, 37, 500/- Rs. 86, 800/-
A. Y. 1994/95 u/s 44AE ... u/s 69 - RS. 4, 62, 500/- Rs, 2, 62, 500/- Rs, 1, I4.700/-
A.Y. 1994/95 u/s 44AE
through the provisions of section 44AE of the Act. Sub section (3) of
section 44AE clearly states that any deduction allowable ... shall for
the purpose of sub section (1) of section 44AE deem to have already been given
full effect and no further deduction under this
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
income.
The following sub-section (2) shall be substituted for the existing
sub-section (2) of section 44AE by the Finance ... assessment made under sub-section (3) of section 143.]
75
[(7) Notwithstanding anything contained in the foregoing
provisions of this section, an assessee may claim
assessee to
assess the income from plying of trucks under Section 44AE of the
Act was rightly rejected by the AO as the assessee ... trucks during the relevant period and the beneficial provision of
Section 44AE does not apply to the cases where number of trucks are
more than
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
rupees from plying of trucks/tankers and that the provisions of section 44AE of
the Act being not applicable in their case. Inter alia ... rejected the contentions of the assessee that provisions of section 44AE were
applicable in their case. Since total receipts shown by the assessee were
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 ... been
declared by Shri Uday Sood though under the provisions of Section 44AE
of the Act. The expenditure on running the said tankers is also
