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Amendment of section 44AE.

for sub-section (2), the following sub-section shall be substituted, namely:- (2) For the purposes of sub-section (1), the profits and gains from each goods carriage,- (i) being a heavy goods vehicle, shall be an amount equal to one thousand rupees per ton of gross vehicle weight or unladen weight, as the case may be, for every month or part of a month during which the heavy .....

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ession heavy goods vehicle means any goods carriage, the gross vehicle weight of which exceeds 12000 kilograms; . Clause 16 of the Bill seeks to amend section 44AE of the Income-tax Act relating to special provision for computing profits and gains of business of plying, hiring or leasing goods carriages. Sub-section (2) of the said section, inter alia, provides that for the purpose of c .....

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a goods carriage other than heavy vehicle, the profits and gains shall be an amount equal to seven thousand five hundred rupees for every month or part of a month during which the goods carriage is owned by the assessee in the previous year or an amount claimed to have been actually earned from such goods carriage, whichever is higher. It is also proposed to define the expressions goods carriage , .....

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