Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
the relevant facts as available from the concerned orders are that the assessee, during the year, was engaged in the business of plying of trucks/tankers to various oil companies and derived income from house property also. He declared income on nine trucks/tankers owned by him under the provisions of Section 44AE of the IT Act. It was claimed that out of eight trucks the assessee held, three had been sold off and four had been purchased during the year, attracting the provisions of Section 44AE of the Act. The Assessing Officer, however, observed that the assessee had eight trucks as on 01.04.2004 and had claimed purchase of four trucks and sale of three trucks during the year; that the assessee had not furnished evidence regarding the sale of three trucks; and that the assessee could not furnish the registration certificates (RCs) of all the trucks and other evidence of owning the trucks. The claim of the assessee that he owned not more than ten trucks was, therefore, rejected by the Assessing Officer and it was held that the provisions of Section 44AE of the Act did not get attracted. The Assessing Officer estimated the profit of the assessee at 10% on the assessee’s gross receipts of ` 79,05,100/-, as it was a case of no books of account. The assessee had declared income of ` 3,78,000/-. The Assessing Officer reduced this from the figure of ` 7,90,500/- and made addition of ` 4,12,500/-.
Citation :
ACIT, Rohtak Circle, Rohtak. (Appellant) Vs. Anil Kumar Arya, Arya Bhawan, Anaj Mandi, Rohtak.PAN: ACGPA1099M (Respondent)
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