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2009 (12) TMI 583 - ITAT PUNETransportation business - Two vehicles - declaration of higher income than prescribed in section 4AE - Income declared Rs. 8,88,610/- Gross Turnover Rs. 91,33,192/- Held that: - the provisions of section 44AB (tax audit) are not applicable in so far as they relate to the business referred to in sub-section (1) and in computing the monetary limits under those sections, the gross receipts or, as the case may be, the income from the said business shall be excluded The assessee with two numbers of light goods carriages referred to in 44AE(2)(ii) and when declared the income higher than the Rs.3,150/- per vehicle per month as per the provision of sub-section 2(ii) of section 44AE, the assessee is rightly entitled to the benefits of section 44AE. The fact that the provisions of section 44AE(5) expressly provided for the exclusion of the relatable turnover for the purposes of monetary limits provided in section 44AB(1) of the Act and the revenue authorities have not provided any specific reason on the applicability of provisions of sub-section (5) of section 44AE, the relevant turnover of Rs.63,93,234/- should be excluded for the purpose of section 44AA and 44AB as per the provisions of section 44AE(5) of the Act.
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