TMI Blog2015 (7) TMI 900X X X X Extracts X X X X X X X X Extracts X X X X ..... 6, and ₹ 38500/- and ₹ 31500/- for the cars purchased in May and July, 2006 respectively. The total income to be added in the hands of the assessee u/s. 44AE works out to ₹ 1,54,000/-. We find that Ld. CIT(A) further observed that assessee cannot claim lower profits, having failed to maintain books of account and get them audited under section 44AB, as laid down in section 44AE(7). The amount of ₹ 1,42,078/- is to be separately assessed as the investment of the assessee in purchasing the two vehicles, being the down payments for obtaining the loans. As the income from running of the vehicles on hire is computed u/s. 44AE, the addition of ₹ 11,53,350/-, presumed to be the gross receipts of hire, cannot be sustai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,27,792/- out of gross business receipts of ₹ 7,20,500/- from the business of dairy production in the name and style of M/s Aggarwal Dairy in violation of provisions of Rule 46A(3) of the Income Tax Rules, 1962. 2. The appellant craves leave to amend or alter all or any of the aforesaid grounds of appeal and amend, alter or add any other ground of appeal. 3. The brief facts of the case are that the appellant filed his return of income for the A.Y. 2007-08 on 23.10.2007 at an income of ₹ 1,27,792/-. The Assessing Officer had received AIR information that the assessee had deposited cash amounting to ₹ 11,53,350/- in his saving bank account with the South Indian Bank Ltd., Rohini, Delhi 110 085 on the basis of which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tered Notice was sent to the assessee, but nobody appeared on behalf of the assessee nor any application for adjournment filed by the assessee. Keeping in view of the facts and circumstances of the present case, we are of the view that no useful purpose will be served to issue notice again and again to the assessee and therefore, we are deciding the appeal exparte qua assessee, after hearing the Ld. DR. 6.1 Ld. DR relied upon the order of the Assessing Officer. 7. We have heard the Ld. DR and perused the relevant records, orders of the revenue authorities. We find that The Assessing Officer had received AIR information that the assessee had deposited cash amounting to ₹ 11,53,350/- in his saving bank account with the South India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to AY 2006-07, and had failed to disclose the income in that year too. The vehicles purchased amounting to ₹ 1,42,078/- by the assessee during the previous year under consideration. We find ld. CIT(A) further observed that as per the provisions of Section 44AE, the income from plying, hiring or leasing of vehicles, other than heavy goods vehicles, is deemed to be ₹ 3500/- for every month or part of a month during which the vehicle is owned by an assessee. Thus the computation of income from the plying of the 4 vehicles works out ot ₹ 42000/- for each of the cars purchased in the FH 2005-06, and ₹ 38500/- and ₹ 31500/- for the cars purchased in May and July, 2006 respectively. The total income to be added in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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