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(Querist)
04 December 2009 U/S 44AE transorter is supposed to get his accounts audited only if he/she/it owns more than 10 vehicles in previous year.
Case - A transporter purchases 2 heavy vehicle and applies presumptive basis of income(3500P.M/P.vehicle).Next year it purchases 15 more vehicles thus falling under the ambit of tax audit. in such circumstances can he claim depreciation on the old(2 nos)vehicles on actual cost for tax audit purpose? Please help....Thanks in adavnce for replying
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
05 December 2009 Yes he has to make proper books of accounts
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Arijit Bhattacharjee

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Arijit Bhattacharjee (Querist)
09 December 2009 Please Substantiate with reference from case laws/ section.Thanks for replying in advance
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