https://www.taxtmi.com/caselaws?id=181488 The Appellate Tribunal ITAT Ahmedabad heard cross-appeals by the assessee and the revenue regarding the assessment under section 143(3) of the Income Tax Act, 1961. The assessee firm, engaged in carting, purchase, and sale of sand and kapatchi, had its income estimated by the AO due to loss of books of accounts in floods, resulting in an assessment of 24,99,780. The Tribunal directed the AO to compute income from the trucking business under section 44AE and from the trading business under section 44AF, as statutory provisions for presumptive income applied to both activities. The appeals were partly allowed, and the income was to be recomputed based on the Tribunal's directions. en-us Mon, 04 Jan 2010 00:00:00 +0530 Mon, 18 Apr 2016 16:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181488 The Appellate Tribunal ITAT Ahmedabad heard cross-appeals by the assessee and the revenue regarding the assessment under section 143(3) of the Income Tax Act, 1961. The assessee firm, engaged in carting, purchase, and sale of sand and kapatchi, had its income estimated by the AO due to loss of books of accounts in floods, resulting in an assessment of 24,99,780. The Tribunal directed the AO to compute income from the trucking business under section 44AE and from the trading business under section 44AF, as statutory provisions for presumptive income applied to both activities. The appeals were partly allowed, and the income was to be recomputed based on the Tribunal's directions. Case-Laws Income Tax Mon, 04 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181488