TMI Blog2008 (4) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... r dated 31.1.2007 passed by the Income Tax Appellate Tribunal, Delhi Bench(I), Delhi (for short 'the Tribunal'), in ITA No.122/DEL/2005 for the assessment year 2001-02 raising the following proposed substantial questions of law: - "1)Whether on the facts 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 clau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... half of the person from whose income the deduction was made and credit shall be given to him on production of certificate u/s 203 of Income Tax Act on the assessment made under this Act for the A.Y. for such income is assessable provided that where 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ether or not the assessee was owning more than 10 trucks so as to verify the applicability of Section 44 AE of the Act. The Tribunal found that the dispute is essentially factual in nature and as per the computation of income filed by the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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