TMI Blog2012 (5) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... x 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 - INCOME TAX APPEAL No. - 74 of 2009 - - - Dated:- 26-4-2012 - Ashok Bhushan, Prakash Krishna, JJ. Petitioner Counsel :- S.C. Challenging the order dated 3rd September, 2008 passed by the Income Tax Appellate Tribunal, Lucknow Bench 'B', Lucknow (hereinafter referred to as 'the Tribunal') in I.T.A. No. 301/LUC/2007 for the assessment year 2001-02, the department has filed the present appeal. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal by order dated 03.09.2008, presently under appeal. Sri Dhananjay Awasthi, learned counsel for the appellant submits that it was found by the Assessing Officer that the assessee has got income from other sources. Elaborating the argument, it was submitted that even if, Section 44AE of the Act is made applicable, it was for the assessee to explain the excess income found. He submits that the Assessing Officer was justified in making addition in the income at the hands of the assessee from other sources. In reply, Sri Suyash Agrawal, learned counsel for the assessee submits that in view of the fact that the assessee has got eight trucks, there was no question of making any addition at the hands of the assessee from other sources. M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... providing for a method of estimating income from the business of plying, hiring or leasing trucks owned by a taxpayer. The scheme applies to persons owning not more than ten trucks. It is not applicable to the persons who do not own any truck but operate trucks taken on hire. The income from each truck, being a heavy goods vehicle, will be estimated at Rs.2,000/- for every month or part of a month during which the truck is owned by the assessee. The income from each truck, other than a heavy goods vehicle, will be estimated at Rs.1,800/- for every month or part of a month during which the truck is owned by the assessee. In either case, the taxpayer can declare his income from trucks at a higher amount than that specified above. Illustrat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... than that which is calculated as per Section 44AE of the Act. It is difficult to accept the aforesaid submission of the learned standing counsel. The very purpose and idea of enactment of such provision like Section 44AE of the Act is to provide hassle free proceedings. Such provisions are made just to complete the assessment without further probing provided the conditions laid down in such enactments are fulfilled. The presumptive income, which may be less or more, is taxable. Such an assessee is not required to maintain any account books. This being so, even if, its actual income in a given case, is more than income calculated as per sub-section (2) of Section 44AE, cannot be taxed. Thus, it follows the query of the Assessing Officer a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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