9911796707
TMI Blog2008 (4) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... s and in the circumstances of the case , the Hon'ble ITAT has erred in law and on facts in upholding the order of CIT(A) in deleting the addition of Rs.37,09,580/- computed on the basis of applying 8 % profit from contract receipts of 28 trucks because the case of the assessee falls outside the ambit of section 44AE as the amendments at any time during the previous year in section 44AE is effective from 1.4.2004. The assessee case is related to A.Y. 2001-02, hence ITA No.508 of 2007 2 clause at any time during the year in section 44AE is not applicable in the case of the assessee in the relevant assessment year i.e., A.Y.2001-02 ? 2) Whether on the facts and in the circumstances of the case , the Hon'ble ITAT has erred in law in upho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here the income is assessable to any other person the credit shall be given to such other persons in such circumstances as may be prescribed.?" The assessee is a transport contractor and is engaged in the business of supplying oil tankers on hire to various oil companies. The return of income in this case was filed by the assessee on 25.9.2001 declaring total income of Rs.1,96,590/-. The said return was processed under Section 143(1)(a) of the Act. Later on the case was selected for scrutiny. The assessee was issued notice under Section 143(2) of the Act. Reply was filed by the assessee. No books of account are stated to have been maintained by him on the plea that his case is covered under the provisions of Section 44 AE of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee, the total number of tankers owned by the assessee does not exceed 10 at any time during the previous year relevant to the assessment year under consideration and there is no material brought on record by the Revenue to controvert the said finding and therefore, the provisions of Section 44 AE have been rightly held to be applicable to the assessee. We have heard Mr.Yogesh Putney, Advocate learned counsel for the Revenue and perused the record. The Tribunal has ITA No.508 of 2007 5 given a pure finding of fact to the effect that total number of trucks owned by the assessee does not exceed 10 at any point of time during the assessment year under consideration and there is no material brought on record by the Revenue to controvert ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
