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2012 (5) TMI 121 - HC - Income TaxInvoking section 56(1)- Addition made by the AO on a/c of excess generation of income by assessee – Held that:- As section 44AE providing for a method of estimating income from the business of plying, hiring or leasing trucks owned by a taxpayer has been held to be applicable, the CIT(A) and the Tribunal were justified in deleting the additions made holding that it cannot be treated as income from other sources - only ground for making the addition that the assessee was not able to explain the discrepancies in the account-books cannot be ground for making addition as income from other sources - Income, if it is changeable to tax under any heads specified in Section 14, item A to E, it cannot be changed as income from other sources - thus the addition made by the AO due to increase in the capital cannot be taxed under Section 56 as income from other sources as the accretion in the capital is relatable to profit from transport business of the assessee
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