https://www.taxtmi.com/caselaws?id=180722 The Tribunal confirmed that the addition under Section 40(a)(ia) of the Income Tax Act was unwarranted as there was no formal agreement between the assessee and truck owners, rendering Section 194C inapplicable. The disallowance of unverifiable expenses was deleted by the Tribunal, emphasizing that disallowance should only occur if genuine expenses are not proven. Additionally, the Tribunal allowed the depreciation claim under Section 44AE, stating that since the income exceeded the presumptive income, the assessee was entitled to claim depreciation. The Tribunal dismissed the Revenue's appeals and allowed the assessee's cross-objection. en-us Fri, 17 Jun 2011 00:00:00 +0530 Thu, 31 Mar 2016 18:50:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180722 The Tribunal confirmed that the addition under Section 40(a)(ia) of the Income Tax Act was unwarranted as there was no formal agreement between the assessee and truck owners, rendering Section 194C inapplicable. The disallowance of unverifiable expenses was deleted by the Tribunal, emphasizing that disallowance should only occur if genuine expenses are not proven. Additionally, the Tribunal allowed the depreciation claim under Section 44AE, stating that since the income exceeded the presumptive income, the assessee was entitled to claim depreciation. The Tribunal dismissed the Revenue's appeals and allowed the assessee's cross-objection. Case-Laws Income Tax Fri, 17 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180722